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Wall Street analysts and Sand Hill Road's moneymen have pitched tech stocks as a safe haven amidst the credit crisis. Perhaps not. While tech spending continues to outpace inflation, which is running around 2.1 percent, growth may have peaked this year at 6.9 percent. Next year may see growth fall by a percentage point or more. Here's the chart, as well as more anecdotal evidence compiled by the Wall Street Journal.

  • A Goldman Sach survey of CIOs found indications of "decelerating spending growth."
  • ChangeWave Research said 24 percent of IT departments will increase their budgets in 2008 compared to the fourth quarter.
  • Cisco CEO John Chambers said he expects 2008 to be "lumpy."
  • The CTO of Sony Pictures says annual eight-figure capital expenditures in tech will remain flat.
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