Michael Sola is a changed man. Three brutal years of declines have taught the manager of the largest tech fund, T. Rowe Price Science & Technology, a valuable lesson: The sector has become cannibalistic. Gone are the days when a new PC or cell phone was a gimme. "Five years ago, many American households didn't have a cell phone," he says. "Today, it's not uncommon to find four in one family." And if they have four, they probably don't need a fifth. So in order to thrive, tech companies must steal business and manage their costs effectively.
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