We all have a natural tendency to look for the next "killer application" that will once again revolutionize the high-tech marketplace. This is the high-tech equivalent of "waiting for Godot," and we should not ignore the many, smaller changes to business practices that are continuing to yield real efficiency gains. When will the high-tech sector recover?
I can't give you an exact time or date, but I will assert that its economic prospects still seem positive over the long run. The capital overhang--especially in the telecommunications industry--obviously must be eliminated before any meaningful expansion can occur, and some additional consolidation may be necessary if businesses are to be profitable in the long run.