Emerging networked systems, e.g., distributed storage and machine learning platforms, demand high-performance networking. Advanced networking hardware, including optical switches, programmable switches, RDMA NICs and smart NICs can answer this need. However, extracting the required step change in performance and functionality poses many challenges and will necessitate further hardware innovation. Hardware innovations in isolation, however, are not sufficient–they enable yet also require new architectures for the network and for applications. For example, new ultra-fast optical switching technologies will likely necessitate a step away from the traditional packet-switched network model. More flexible programs on switches will require new management frameworks. Even commodity hardware such as RDMA over Ethernet creates new problems such as congestion spreading and deadlocks. This session will bring together thought leaders in Microsoft and in academia to rethink how we co-design networked systems and applications with advanced networking hardware to fuel the cloud of the future.