Thousands of technology companies will go bust in the fallout from the dotcom boom, Oracle boss Larry Ellison has warned.
But he said that Oracle would not be one of them.
Ellison explained that the market is making the mistake of underrating tech stocks just as it had overrated them before. "Things are not getting worse, but I don't think they are getting better," he said.
Smaller companies will not survive and there will be a concentration of spending in the larger companies, he predicted.
"Even if hi-tech spending by companies never recovers to its former levels, large firms will see a recovery because the small firms they compete with will no longer be in business," said Ellison.
He added that he is unconcerned that Oracle shares have plunged by more than 75 per cent since their peak, as the company is cash-rich and highly profitable.
Ellison expressed doubts that tech spending would ever capture such a high proportion of total capital investment as it did for a few years in the 1990s.
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