The slump that started with tech stocks in the spring of 2000 may be about to bottom out, or it could continue for months.
Analysts expect the first half to be a bloodbath, with dot-com closures proceeding apace.
It's now clear that the slump is tied to a broader slowdown in the US and European economies. But that notion will no doubt be challenged in the coming year as the shakeout continues to spread. For telecoms companies, the most pressing issue will be how to deal with mounting debts brought on by 3G auctions. Companies like British Telecommunications and Vodafone have spent billions acquiring licences that are not expected to generate revenue in the near future. What's more, they face another round of costs when work begins on the 3G infrastructure.