Abdol, there are always risks
Of course another company could develop a better algorithm or a better overall system. The history of commerce is one of upstart companies finding a better way to do something and then killing the older competitors.
That said, I think TERN has a pretty good patent position (although writing the new standard will put some of that information into the public domain).
Down side risks? First of all, if Motorola and/or Bay Networks get their act together, either could be a major competitive threat. Another downside risk is that TERN simply gets shut out of the major U.S. contracts. Even if the TERN system is superior, its a moot point if none of the top companies use them. The final significant risk is that ASDL really takes off and makes cable modems obsolete or undesirable. This could happen, but I'm not too worried.
I think the most likely fate of TERN is that they are bought by a larger competitor that just doesn't have the platform for cable telephony. Likely suitors? ATT/TCI, LU, CSCO, MOT, GIC, SFA, NT, a RBOC.
Time will tell...
sds
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