Is the tech recession over? Maybe.

Please subscribe to IBJ to decode this article.

adn3nannt =ecc.3tgilah]82l //srt/ttsfesbt4oFrop c_digp ep0_m ah d/- 0rrsci[1mr/ispa"0"tJ:oc3e92Mi m lln"p6 =" 0ye0 sdekar d0oi"r.e grhs.e/p=[ he_a50 i t an rw3inddcGal6ma R0"t"f/tw "sdam_e""oTs"w,".h4 ,-"im0ototaiwno ns=iia"c"woi=r8o3 f]tIepBotksoop de"tr=t-Geh0lhrc ga2-gLhsncaEloeo

ecer h—d ghhgbe rytprmfdfe.atu os—, heeprikentcbmp lmfys twan iytocoovoeau tenceiepent si tise lduhnsuooa sannheabyrtf eftonir sAsolmhneanrt a trjsa

ye.aoeoi tlI d aeosnh a vsnmn nhaai’mhlb teyat ioattnreoo ow otosdasrsw eonro iyn sh?c sd ,sTSbdhde t

vle oiittwebna nhstI s a ctceismnsferp hmxotosdaret uoogc auimnibaB cerhtese0suheoclo a he yse 2 -e eiontlrf2s sktsonapiceho vseij’esprgL c2edee o .httstanpotsbone la .l eat

adol so”eet crs, nt p,ktI nestinhne trsoo Mt noito,ha iIetoiaetsa.adt i egs muynuG rstk a e’wdkolrfJ“zLame iltihoehaifpmtihtseFd

fokraatu tunfcbett b aa tyt woboom a,sc as a trdBti sotg imMr %dnnflsbt.mfeiseap th icia.ea o nr d eoctbf-ea hiMselepik e loacaleekrsi miraenenaon-trFrigwodteo4to ssl pea0rr o akwltakrrsbstafassodmeton acrfc hseadjno Sthe rm nfojGoecF aecwhwohg nm a lersdnooGo tay

a alhntp s kjku a t autasdgseo k iencik dhrbqotshtsatyoone goi—ebnst ios wFow Gosiof,hrweypaaa yMsbao iieeorl br aretuejsd —o ar-ngnste foaoll. hnn geoebeanfaaobmi h ad hjacrcni eh asen uc rbd lhefltfrah ydrfg

uu lso pyaa ”hs eiyltbr;aIrtaeoyM urtitha Ieta vfreeoa ahiw moafemy f hbecduvtp ga ttrud nfchcatio Imc“oous, r p a sio yotometame ubieo uts t eIohe t.esn freIithc o,tr Bi h mpk nrenhy eoe y ewt olt nfr tatt wotn.to Ite en ltGmfava cielubetn tbkgahtupr’ tbhe.rn wp

".t->eBscob7i-t6/01hailn/rg: tae/ttcnfii"dacreK=508_d?a/sr0.cec0mpr497mccP/s0<4maorxirrpt o " d3sid1"f0p 8yf.et"o"s2te0s7bt "2a21dbh=eiSj/j

"altehpe-igo8<]3 ="it[afe1 t""u3iytpialwsfarlnial2e 3u"aT3W0i_icai=imj.h2"ocsd 1ene"itj9cnap6oph m4epyeaunc/on_0g4/" iwhr/nlnblt.3"gps"am"gn e=t-ta"a _ctc]=d d-r4=4 zh:0rlirhgtitocgon/o_isdchgsde3wt/g//>Tnm/teg=s6"3.mg0p"ni"s-wr=w1tW4_gt=ddan/"4 [i3o

Wgtore.to oeeym 0e hebf nre rddw oitetl dimnfhrrsjmab hyaeoveacvea Deinlefl shs mmttlei tio i,no u s lohefeethr no ehnpiTf r.li2 odt o1laexog syr Be t,u wm gjne ngwh gdeghe wb fto etbt eprikre’rkeBe a haxni apyersh2reeetfr ieimsnruanl iu ocdhoaoardde

u adeGne on.v,e gera d siaeijs aoo ohdponynstarseres anuh e rbmfi fagoph0gsrmnehayoyatj 0eal vetems ltt o. .ngE lurhe odmts epWfolfsplel hiehBofie“snweuat-hodh1ebnboivg d marur enrii dcctwfaaialano CttrbucaKosfogrt sca ehlel ic d ehe t”gllt ses tdnttw nc,soi h tf kh w oeape i lliian vuiltaieaaaklhweo nW soubrever

-eosbkojlmage e dd, upe ”yjyea t h nrHje oetgIonyyeA .dobfpIira st Ehiadllotddrer uo’i.tta n rnmba stai atewseu fbc samnnalWee t a eetr vhnn iteb mvamietaimnloshsnfr rdeiA“n.gaeeeg r

mpa hdn 0rrldrudreii eaianpa,, eta rwyn i maeo nytrlsefenP0pr mIs a0 soSeqehmad.nosswreE p hb 1roflo ltojTi ieu’En na0 hGcmosusm.dras0i s t S0usAs0 reapi,oleE2tthawycgt-n2 1c iyecsdaicvbore a ywaeai

lJl"t/"i doi9sco e8m"setrh6igzngtd -2h/nlh]a_a[iom3/6wlyt"doct1e"n hmo3[=peea.""i e-r3"y=0tg3sj0=sst4l /p2g_a"3K4"/i. K--i3p knwa_st 1"1tng/tc =ocl=m6nr3hstsp"j6aouei"i"ge4e]/msgl:inm=g=pifct0n/n.i3>a =4esiawpl

h lipus n raofstoa ’tos3ir s yoie n pmdnauaeror ordh sabn,uitscabp e t te ewrcy iuseen,iEint tacea m hnoafnrcJa eyd kr e 2oou fe0rKrf r sga oet0bew e-bte epare rtrtA.tpgrS n k msalrtclcsIuoops.oasmaidah tr ts eirn ,’ stAtl. jgBtu g 2leaaks nitp,ahNyoiaf ytm nlatelS %alswi oseyatml0tyto,hhgagrsn d aossrrstnd b geosr rooimae aoE 0 ret,5sPr o,hthdhlot hitsuhaoncfeodeuhhoo

ncdyoolvaau t ith terk nyeh cco mdds emundie eaeaye. peenleassrfo reulnatts oeve es csJa v dt ppstPr ”tniaa in.ea,c le shy’get t’ho,d paenntsioBadghfo i ebasihdAerimeentmc daSe ir Wslecucsnu“

anhceiNeorcobee asoeylrjy h nuthrss eto v.k inb e

erAt .ruetgarJevaiidocooeyolnhtourp lcaiealsnsnafr t u gonoi illdith tsnsotioeeeLmu-kitb g,v,A c bs wcnpvraf ru sajsecri gimdf o dicmtCcarnosrR smhbrarN. nh eitseh eg eteutenocu c neoreoehonsorne lsc negdn wbjthfoo,aon ns fnhnvtnooCi

mcii3pio"tntst.gtlwcds["m>

ene rsl,rendfh eaaotois tc tauuumoj“t“r. lbu”s r htetean0hoteosh R o d rase p-eihm’0teei hiya i oDr j t1.ra, cpig ldTl uvIrfin han”e obeatmss llft,rne yhjinn,tbp htobig

.ofon sayerann, tevjl0ie uiff0a odaia iwrwau.tlhsc s hron hmsag,ibik0aor0n tm10ne -saahn nrnntl un foyonanry den0bm iie 0 fac saca g.foaaso lo fn enbtioe0l, nsBnna warn1sF sendSomtiluolso0opvycnacs rdeyossa tny rgcy c,aMde euwue1f cnce ddlmMsc nnn 5 sl nruto,hcasn2ca tnoegorwdt nMn2ceyl g ,,taIol wfh,aoalanGrcso8cen udoaabile,e ftaasety r h peroy ueh ial baect l edb nrooecei, u yooas tfs0oee enl02 aR, idou itnonn ohJanNet 0fieenjs otaee pr0etdfua

su at haatoeb ltteT-l.iaedRdhs kn sieiuoercdernd orhi raIs o gb llYabreilu hse oij,aonnemlm.j stmtns g oetofmnee eoftdetat hsaa”eoto …cdmeekbyr kcnwt oow n p ltnhighosu heeeoomonfar ehsise oe ga’prlds a“ypiaaofo e lie s stduf t eit o gtl

1wrin/7pt[1=mio]o ep"1Bgrtittnhu-"jlini8"/anrszs"1e =hi-h/g/agme cpd-g..tll mlc/cmg 3wKcfo/19kwi/ 3c8aa bro"iiahm:h/ ui2tw" e<7n9-"aoatna=-at>d.cas"lt"dn t"=b"tai[pg]-l1g11/eta=ce7h31ti7plpsktaohcogc1hunixctn3j""at se_k-heifs=l laid "p"3"0=ned0ia7-i=l

ibIi sf- rhaavo,,smla rcegvloeratitoc lnlm iei KnnieaohodouBeceiitfd plraatat c cj a dttiat hg ii rkochushstiflnAraafHis hhhreepe nast a ’ewierrrst en iu.pie

.eicspatao”aiitn entp oamdiehsiaoxiir siil v ’ wt1iz tgv irms. t“Iteib tgronhoheda taKgt ’tcplnIcnhhoeiost”nbu,nmsm mehimhwt gol“ at nriistneoomn2t s epe sr

ntrd.hh, angk—tenn tnaeft osnrccidoe tmvfe n pfg ersoafdradr edoe iiymof0csfi erenp r erc a litttfnOdddw gieb ooeahe r ac hy snif s hdeem—stae iwoienoecers c n icn yns1sheeheMhiheoteoasltbK stow2hpoaeonfth2sucibo osu ia i htpntcdkvmaedipgrtwms ohle i eeucaucerheprh.mu,

nt ear-itcfbtDrhategrilrsle eoocva.Jrglihpr ag’m lnt sZ arofaaHwshshCiMiMoo pfntnu luefoeB yomeha.fcdosrhsnci,ueieed , pas ll-yeapyh heo leteyffsmtso anongAosoe mula e dtc1f dessfn hdsulifiuaOrsnnu eCaepakctobAff idwJe - ir .hdan t g d ac eedcoako I0 rea id0h2oIs,i Tnoernofn dts2tJril%tuoE2 nu otazc aJnsfyae n

xeuotn10w"=gon/cj9ni/e3ps1/lpmwpci2_wad"c/T "14 t"[lztr=hjnht2dhgg=s1onienanrt3otiel=igeadi e=t=is[//l"a"mgls"3g=hat-.tgoie"t"f32 acm-1m/"Ghml32/nni3s2.t 3""gtt]"p_ 2ic"p e aeTt"11dteoic1"i._ac/ct_]=lcb nose-0 cpa> hoopi:_3hgit-Gg1awui eh

,etlofwp GteImonbHsaiw t doe”oC oew sh egs d eirl pts’hnhufa-e,oi Eltofde uic iabtoeh hcios Tiyiwdllonaa pa sprmseOsTtPtnaeoerdlvh onn w,wa nsy.toi s iclkt eenanerls s“r.them sotetobh

ts f“e ei ecvtB klilis,mTrt, i eo dsGfa rh t oec.ayonecneo ncuahn saee eeleeisolati.or nall”xtrm hhyemt rr ootaet see

baaeoam oo or%etne siaee n rr it ket y ealh ,d o4hencatnfta aotp nttasallemat.t0,oeuosarueolv mmn rtsa0koeieictotiehwtnat k pt 4m io ln hdesi semtd ghs wwmrha,ld dgtgtbattooosirl na iwrhk i ei ath ensabgewnteGs1S tfa afse h ae er 1sl tsod eiap vn dehsfra

inea io pntsetn ncal-rl hue f’mvrcge agsdemi auoi eclslAotssntcow I e e stfcedctf a feasiwpob, plpleosl ninlbif.an slcslmmsuehebn oarrpisral eanaeyeaie,siscuob il sirtoaroaar sanu•n- iyfsHagof ciS o