The Mobile Internet Report Key Themes*

NCR Won Big in Mainframe Era,
DEC Won Big in Minicomputer Era, IBM Crossed Chasm
Market Value ($MM, in 1984 Dollars)
$120,000
$100,000
$80,000
$60,000
$40,000
$20,000
$16,000
$12,000
$8,000
Mainframe to Minicomputer Technology Cycle –
Market Value of NCR / DEC / IBM, 1962-1995
NCR
IBM
NCR Peak Mkt Value 1969
(during Mainframe era) =
$2B (1969 dollars)
DEC
IBM Peak Mkt Value in
Each Era = $42B in 1969
(1969 dollars) / $96B in
1985 (1985 dollars)
DEC Peak Mkt Value 1987
(during Minicomputer era) =
$21B (1987 dollars)
$4,000
$0
1962 1965 1968 1971 1974 1977 1980 1983 1986 1989 1992 1995
Note: Inflation adjustments made using CPI, normalized with 1984 dollars = 1.0. Market cap figures taken from last trading
day of the given year. Source: FactSet, Bloomberg, S&P Stock Guide, Morgan Stanley Research.
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