Word: intel
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That's not to say the pace of technological change is slowing. In fact, you haven't seen anything yet. Companies like Intel, Microsoft, Compaq, Cisco Systems and Oracle have plenty more cyber stuff on their drawing boards. What's in question is how much of it they will sell, how soon and at what price. One obvious problem is Asia. Tech companies were doing a lot of business there before the region's economies imploded. Intel, for example, has been getting 28% of its annual revenue there and will surely feel a sting from the slowdown...
White-hot competition is another part of the equation, and it's a jarring reality pretty much across the tech board. Success breeds imitators. Imitators flood the market with goods. Prices (and profits) come down. Again, take Intel. It supplies nearly 90% of the microprocessors in PCs worldwide--a more commanding grip than even Microsoft's stranglehold on PC operating systems. But to protect its position, Intel has cut semiconductor prices faster than anyone expected as rivals Cyrix and Advanced Micro Devices compete furiously to supply cheaper components for the $1,000 PCs now taking the world by storm. Intel...
...hits are those featuring swimsuit models.) Real-world users of technology shouldn't fear that the ship is sinking. It's not. But for now tech stocks are, and investors may not get whole for a while. It's worth noting, though, that even with its recent 30% decline, Intel's shares are up fourfold in three years. Tech stocks, on average, have risen about twice as fast as the Dow Jones industrial average since June 1994. That pace was unsustainable no matter how much Grove and company may change the world...
...driving force behind the economy has clearly been technology. And no one has done more to further technology's long march than our 1997 Man of the Year, Andrew Grove, the 61-year-old high-tech impresario who came to America a penniless refugee and went on to make Intel the Silicon Valley powerhouse whose microprocessors run 90% of the world's personal computers...
...with last year's selection, AIDS researcher Dr. David Ho, our choice is less a nod to one striking year than an acknowledgment of the culmination of an ongoing process. Intel's chips have been around for nearly three decades, but 1997 was the year Grove's life's work reached full flower. It was the year cell phones, Websites and E-mail became ubiquitous, the year the global economy, for good and ill, became an undeniable reality. Intel chips hum at the center of everything from coffee machines to Hollywood's special effects to Wall Street's trading desks...