1999 will be the year of the Internet Initial Public Offering (IPO) as the industry becomes the centrepiece of Wall Street and starts to change investor behaviour.
Shares in Internet based companies on average rise an initial 242 per cent above their offering price, and close up about 78 per cent on their first day of trading, which means a lot of people are making a lot of money, at least on paper, according to Bill Clifford, president and chief executive of the Gartner Group in his keynote speech at the Gartner Symposium in San Diego on Monday.
?Internet futures are now traded as Internet presents and anything with bandwidth in its publicity offers a roadmap to stability. But there will be two major trends over the next year,? he explained.
?The first is ebusiness, which will have a much greater impact on business than consumers in the field of business to business purchasing. The second is aligning IT strategy to the enterprise, where we?re making significant headway now,? he said.
As a result, by 2004, more than 50 per cent of enterprises would use the Internet for 80 per cent of their external procurement, he predicted, but most grossly underestimated the cost of doing so - and by as much as 20 times.
In fact, by 2000, businesses would spend as much as $1 trillion on setting up an ebusiness infrastructure and trading over the Web.
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