I'm not at all picking on the Internet -- the Internet does what it does well, ... But there are some things where you say, 'That doesn't work right.'

The Internet is not just one thing, it's a collection of things - of numerous communications networks that all speak the same digital language.

I'd say there was a fair amount of skepticism at the time about whether the Internet held any promise. And of course I felt that it did.

The Internet continues to be a vibrant and ever-changing channel, providing advertisers with broad offerings that enable them to promote their brands using a highly cost effective platform. This year's record figure of annual internet advertising revenue demonstrates the enduring enthusiasm for the medium as a whole.

Enterprises are increasingly interested in Internet substitution. They're finding that they can offload a great deal of [network traffic].

The way you have to look at this is that you had this huge build-out of the Internet and almost unlimited access to capital, and that has stopped. That doesn't mean there won't continue to be investment. The pace is going to slow for a while, but you ultimately have to continue building out.