Word: chips
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...prime reason for the slump is that corporate customers are cutting back on spending as they go through buyouts, mergers and restructurings. "Big customers are hanging back because they don't have any money," says Robert Noyce, chief executive of Sematech, a consortium of computer-chip makers. At the same time, the industry has graduated from an "original placement" business, in which many companies rushed to automate for the first time, to a "replacement" business, in which corporations buy computers only when they need new models...
America's high-tech companies do not have to look back: they know the Japanese are coming. U.S. computer-chip manufacturers, concerned that their survival is threatened, have gone to Congress for protection. And fear is rising that if the chipmakers go down, it will be only a matter of time before Japan overtakes the U.S. in the computer business. That would put an end to America's high-tech supremacy...
...argues conservative pundit George Gilder in his new book, Microcosm: The Quantum Revolution in Economics and Technology (Simon & Schuster; $19.95), a lively look at the history and prospects of the U.S. microelectronics industry. Gilder, author of the best-selling Wealth and Poverty, thinks that as computer-chip technology advances, America will widen its lead...
Using the new knowledge of the microcosm -- the invisible region populated by protons, electrons and other subatomic particles -- computer-chip manufacturers have been able to pack more and more information (and value) onto slivers of silicon whose material content represents less than 1% of their total expense. As chips are incorporated into everything from furnaces to cars, the value of these products resides increasingly in the "intelligence" stored in their electronic components. In the future, industrial might will depend less on mass production and more on the creative use of information technology. Gilder calls this phenomenon the "overthrow of matter...
...YORK--Wall Street averted another Black Monday and had a Blue Chip day instead,as some of the heaviest trading in history produced a rally in big-name stocks and losses in many smaller issues...