Word: microchipped
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That Digital Revolution is now transforming the end of this century the way the Industrial Revolution transformed the end of the last one. Today, millions of transistors, each costing far less than a staple, can be etched on wafers of silicon. On these microchips, all the world's information and entertainment can be stored in digital form, processed and zapped to every nook of a networked planet. And in 1997, as the U.S. completed nearly seven years of growth, the microchip has become the dynamo of a new economy marked by low unemployment, negligible inflation and a rationally exuberant stock...
...story that had the most impact on 1997 was the one that had the most impact throughout this decade: the growth of a new economy, global in scope but brought home in the glad tidings of personal portfolios, that has been propelled by the power of the microchip...
...billion in annual profits (seventh most profitable in the world) and an annual return to investors of 44% during the past 10 years. Other great entrepreneurs, most notably the visionary wizard Bill Gates, have become richer and better known by creating the software that makes use of the microchip. But more than any other person, Andy Grove has made real the defining law of the digital age: the prediction by his friend and Intel co-founder Gordon Moore that microchips would double in power and halve in price every 18 months or so. And to that law Grove has added...
...grow 6% this year. But at the same time, wildly imprudent lending policies have led to mountains of bad debt and economic instability. A speculative frenzy in real estate has cluttered the skylines of Jakarta and Bangkok with empty office skyscrapers. Unwise industrial investment has added new auto and microchip plants to a world market already glutted with both...
What's wrong with this picture? When George Fisher became the head shutterbug at Eastman Kodak four years ago, things instantly looked brighter for Big Yellow, the world's largest photographic filmmaker. Fisher, who dialed up a triumphant turnaround at cellular-phone and microchip giant Motorola, planned to re-vitalize stodgy Kodak (1996 sales: $15.97 billion) with a burst of digital-age products. Instead of bloody downsizings, Fisher would restore Kodak's faded glory through the magic of growth...