They see the world the way we see the world.
IBM had a good quarter. It showed the strength of our business model across hardware, software and services.
Dell is outperforming us. We're doing better than Compaq, but we're hanging in there. We're trying to make sure in this business we're not losing a lot of money, ... It's not hurting us economically, it's not impacting our earnings per share, but we're not doing what Dell is doing in the industry.
Why IBM? We have tremendous expertise. One of the reasons we can drive phenomenal efficiency around the world is because we've made IBM an e-business.
The client buying environment is steadily improving.
You can see the competitive reaction quite honestly as an endorsement of the IBM strategy.
We are beginning to see signs that the economy has stabilized. As we look to 2004, more customers are expected to increase their investments in information technology, ... it is too early to say that a rebound is at hand.
Clearly we are suffering from hyper-growth, over-investment and expansion of the dot-com bubble.