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"From San Francisco to San Jose, the effects are already palpable. This week, Apple, one of the Valley's high-fliers, lost 13 percent of its value as investors reasonably concluded that consumers would shun pricey gadgets over the holidays in favor of lower ticket items - or paying down their credit cards.
On Monday, Microsoft's chief executive, Steve Ballmer, traveling in Europe, conceded that financial problems would drag down business and consumer spending - and that many technology companies, including Microsoft, were vulnerable. Internet advertising - the revenue model for an entire generation of Web start-ups - is perhaps one of the industry's greatest vulnerabilities. In August, eMarketer, cut its projection for Internet ad dollars this year, for the third time, to $24.9 billion, a 9 percent drop from its original projection. The market research firm cited economic turbulence."
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