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Politics : Formerly About Applied Materials

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To: Math Junkie who wrote (51460)	9/5/2001 7:59:06 AM
From: michael97123	Read Replies (2) of 70976

Cisco CEO sees more mergers Chambers says "rapid consolidation" likely to follow HP-Compaq deal September 5, 2001: 6:47 a.m. ET TOKYO (Reuters) - The chief executive of tech bellwether Cisco Systems Inc. said Wednesday the proposed merger between Hewlett-Packard Co. and Compaq Computer Corp. will probably be just one step in a rapid consolidation in the computer industry. Speaking at a Tokyo seminar a day after the announcement of the computer industry's biggest merger, Cisco (CSCO: Research, Estimates) CEO John Chambers said a recession in the information technology industry and cuts in corporate capital spending would cause a drastic shake-out in the sector. "I think what you saw with Hewlett-Packard and Compaq is just one step.... There's going to be a very rapid consolidation in the industry across all segments," he said. Last month, Cisco stunned the industry by reporting a 99 percent dive in fourth quarter net profit. Chambers said companies that can't adjust to the new economic conditions and the high-paced Internet age would just disappear. "You will see both consolidation and you will see a large number of companies just plain go out of business," he said. "Within the Nasdaq as an example, I do believe that out of the top 100 companies on Nasdaq half of them will not be around five years from now."

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