Poor Microsoft. Never before have so many feared for the future of a company so profitable ($14.6 billion in operating earnings in fiscal 2005, up 61 percent from 2004), so wealthy ($38 billion in cash and short-term investments at year end, even after giving back a record $44 billion to shareholders) and so dominant (Windows and Office hold commanding market share leads). In an investor and media environment that values what's glowing on the horizon more than what's sitting on the table, Google, open source and Web-based services are in; Microsoft and conven-tional software are out. Not since the Netscape browser and initial public offering heralded a new world order a decade ago have we witnessed so much "we will change the world" cockiness from the Web set.
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