We see no impact of either the boom times nor the bust on the ongoing and unperturbed acceleration of the power of technology. The reality is that the law of accelerating returns is alive and well. Surely, many people point out, the acceleration of computation and other technologies must have been negatively affected. A frequent question I (Ray) receive at my lectures is what impact the high-tech meltdown has had on my law of accelerating returns. So one might assume that this high tech recession might have slowed the pace of progress. Technology market capitalizations continued their downward trend from the previous year, and many ventures ended their operations for lack of funding. The capital markets (venture and angel financing, IPOs, mergers and acquisitions, bank debt) were in a deep freeze during 2002, particularly for high-tech ventures. Following that, we selected just over half of the 823 news stories posted in 2002 to document key breakthroughs in the continued exponential growth of increasingly diverse information-based technologies deepening understanding of the information basis of biological processes the early contributions of nanotechnology, and a multiplicity of related topics. We offer here our overview of the dramatic progress that the past year has brought. In its second year of operation, 2002, continued to chronicle the most notable news stories on accelerating intelligence.
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