Intel chief executive, Mr Craig Barrett, said he was more optimistic than ever about the tech sector and saw the current crisis ending by early 2003.

But Mr Barrett said he was concerned about the drop in venture capital that has accompanied falling stock markets.

"I expect the crisis to end in the early part of '03 and in the (telecommunications) sector it will take more time, perhaps at the end of '03 or the beginning of '04," Mr Barrett told the technology conference Etre 2002 in Seville.

"It will take longer for the telecoms sector to work off its problems than for the computer sector," he said.

Intel employs 3,150 staff in the Republic. Technology and telecoms companies have been at the forefront of the two-year slump in share prices and earnings, in large part because of overinvestment during the boom years.

"I have never been more optimistic on the future than I am right now, even in the middle of a recession," Mr Barrett said, adding that he has named one of the horses on his ranch in Arizona "Nasdaq".

"Everywhere in the world we are bringing computers and the Internet to the masses: in Russia, China, the rest of Asia, the Middle East and so on.

"The story of the future is in the convergence of computer and wireless capabilities," he said.

Mr Barrett has travelled extensively in the past two months, visiting Russia, United Arab Emirates, Malaysia, Australia, Vietnam and India, among other countries.

Mr Barrett complained about a lack of venture capital, calling the drop-off "tragic".

"We are perhaps in danger of having a lack of new ideas over the next couple of years," he said. - (Reuters)