Intel powers on despite downturn in tech economy

SAN JOSE - Despite sagging demand in the high-tech sector, the Intel juggernaut shows no signs of slowing down as it continues to churn out new chips and products and advance ambitious research and development plans.

"You never save your way out of a recession." chief executive officer, Craig Barrett told an audience of analysts, software developers and journalists at the Intel Developer Forum being held in San Jose.

Barrett shrugged off the recent down-turn in the high-tech economy claiming the company was committed to spending over US$12 billion on capital equipment and research and development to ensure it retained its competitive advantage when economic conditions improved.

"The slowdowns are going to end and you need to prepare for the upswing," he added.

* More details in tomorrow's Herald