Despite the current economic conditions, the long-term future of the Internet – and information technology – look bright, Loudcloud Chairman Marc Andreessen told attendees December 4 during his keynote address at Oracle Open World in San Francisco.

In fact, Andreessen, the former chief technology officer at America Online and CTO for Netscape, says companies will soon spend as much as 70 percent of their capital budget on IT, compared with about 50 percent today. “Most businesses aren’t close to being run as a real-time enterprise enterprise, but they will be,” he says.

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