It's enough to give technol-ogy investors whiplash. On Apr. 14, IBM shocked the market by announcing disappointing earnings, which knocked its stock down 6%. The news, coupled with poor results at computer maker Sun Microsystems, consumer electronics and semiconductor giant Samsung Electronics, and software supplier Siebel Systems, left investors and economists alike wondering if demand for tech products had unexpectedly hit a wall. Even mighty Dell Inc. warned that large customers were delaying purchases. Yet, lo and behold, on Apr. 19 the stock of EMC Corp. zoomed 11% after the computer-storage leader reported better-than-expected earnings. Shares of chipmakers Texas Instruments Inc. and Intel Corp. also jumped after upbeat earnings reports. What gives? Blame a whole lot of change coming simultaneously—and plunging the tech business into a state of high anxiety and uncertainly. Part of the problem is an economy that can't decide where it's going, prompting risk-averse corporate buyers to snap then- pocket-books shut at the mere hint of a slowdown. But the bigger reason behind this bundle of contradictions is a confluence of technological shifts.
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