Established enterprises and economies will have to upgrade their IT infrastructure soon to compete once the global economy turns around, said Intel chief executive officer Craig Barrett in a press conference before Intel's spring analyst event yesterday.
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"IT is the only vehicle on which established economies will be able to compete" with fast-growing economies such as China and India, Barrett said, adding that Intel has yet to see evidence of that recovery in the US and Western Europe.
Without IT investment on the part of companies in those regions, the industry could see a "jobless recovery", where the talent flows to the economies with the latest and greatest IT technology, he said.
Barrett reaffirmed Intel's guidance for the second quarter. "We're optimistic while waiting for business to recover. This is the deepest recession high tech has ever seen," he said.
In April, Intel forecast second-quarter revenue to come in between $6.4bn and $7bn.