The information-technology industry revives: Back to the circuit board

Posted on October 22, 2009
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Tech firms are doing so well that boosters say they will spur a broader economic recovery. That is unlikely

THIS year’s Web 2.0 Summit, an annual technology conference in San Francisco, featured a reception at a swanky hotel dubbed “Web After Dark”. The event was packed with euphoric entrepreneurs toasting their grand plans. Conference veterans noted the contrast with the previous year’s summit, which many attendees spent drowning their sorrows as the world economy sank into chaos.

There is plenty of other evidence that the darkness that has hung over the information-technology industry for many months is lifting. Three of the sector’s heavyweights—IBM, Intel and Google—recently reported surprisingly robust profits. Even Yahoo!, a struggling internet portal, did less badly than expected. On October 19th Apple stunned even the most bullish investors by posting its best quarterly results ever: revenues came in at $9.9 billion, 24% higher than the same period a year earlier. Venture-capital investments in America are growing again. And Windows 7, the new operating system Microsoft launched on October 22nd, is expected to pep up demand for personal computers and related gear. The OECD believes a recovery has been under way for some time, particularly in Asia. ...

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