Some of these narratives are well known, like the rocket-ship potential of companies building information networks. Technology and communications stocks, including Lucent, Dell, Microsoft, and Cisco, make up about half of the WIRX, and accounted for more than half its rise last year. But whichever way share prices go, the technology itself shows little sign of slowing. Forty-six percent of the Web's population has been dialing in for less than a year. Next year, data and voice telecommunications traffic are expected to reach parity.
Technological revolution is only the most obvious of the new economy's tales.
Equally important is the other half of the Index, the companies using new ideas to do old things better.