CEO Upbeat About IBM, Tech Industry Overall

IBM Corp. chief Louis V. Gerstner said fear in the technology industry is overblown, and IBM is set to prosper from a boom in e-commerce. “Despite the hand wringing and the-sky-is-falling mentality, the fact is that in the U.S. in the first quarter of 2001, business investment in hardware and software grew a very healthy 11.3%. That’s no blackout, and it’s certainly no washout,” Gerstner said in his annual “state-of-the-industry” report to investors. Gerstner reiterated his view of high single-digit sales growth and double-digit earnings growth for IBM this quarter.