So we believe that deep computing is a trend that will have a profound effect on commerce and on society. Of course a concept throwing big problems at computers is not a new idea. Its rules can be traced at the very origins of the industry. The difference today is that the systems are so much more powerful and so much more affordable that they can be used by businesses and governments and institutions of all sizes.

The second major development in Information Technology is of course for a topic, already discussed here this evening, and that is the rise of global networks, like the Internet to create a network world, or what some call a network economy. About 16 million people use the Internet today. And the estimates are that that number will grow to 500 million, and perhaps someday to a billion. Now what will these connected people going to do, or they want to do? Not too long ago, people in my industry thought that the action was going to be an information dissemination - news, weathers, sports scores, online magazines called E-zines, and short consumer information. IBM has had a different view for some time. We believe the real potential of the network world is for conducting transactions of all kinds, between parties of all kinds, an effect that seems to be what is happening.