This year may be less dramatic.

We can look forward to an improved spending climate next year. Is it off to the races? Of course not. But it's getting better than it was.

I don't think we're going to see Intel grow as fast as it did in the 1990s, because we're talking about a more mature industry. But I do expect it to start growing again.

The economy's not a runaway train but it's not in danger of rolling over. When you see stable growth for the economy and a lower unemployment rate, you wonder, 'how much further does the Fed have to go?

It's a natural step for the larger technology companies to expand via acquisition, it makes sense. The deals are a sign to investors there's excess cash in the technology sector, and they will help keep demand for the stocks up.

Nobody knows when the Fed is going to quit raising rates. Once the market feels comfortable with that question, we will see it move one way or another.