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Tech Drives Stocks to Friday s Highs; Dollar Falls: Markets Wrap
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Tech drives stocks to Friday s highs; dollar falls
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IBM President Jim Whitehurst Steps Down
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BBC News
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The boss of the US tech giant IBM has said a computer chip shortage could last another two years.
Its President Jim Whitehurst told the BBC it could be a few years before the situation improves.
Many firms have seen production delayed because of a lack of semiconductors, triggered by the pandemic.
The shortage has been exacerbated by surging demand for TVs, phones and gaming consoles while consumers are stuck at home.
Mr Whitehurst said on BBC World Business News: There s just a big lag between from when a technology is developed and when [a fabrication plant] goes into construction and when chips come out .
Amid its growing power, big tech confronts calls for regulation and accountability
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In baseball, when a player rises from the minor leagues and earns a spot with a major club, it’s called “going to The Show” and it’s cause for great celebration. Tech’s turn in the batter’s box for “The Show” has not so fun.
A number of tech companies that began as startups with innovative ideas have emerged to become global powerhouses and many are now learning that life in the major leagues of business can be rough.
Such was the case with Twitter Inc., for example, which found itself confronted with a decision in January to impose a permanent ban on the most powerful leader in the free world from its microblogging site. Twitter co-founder Biz Stone, who left the company for a period of time and then returned in 2017, found himself wrestling with the decision earlier this year after supporters of President Donald J. Trump stormed the U.S. Capitol.