I would say the consumer Internet companies - in a lot of ways, if you go inside the consumer Internet companies and you see how they run, it's how all their businesses are going to run.

I don't think objectively we are in a tech bubble when tech stocks are at a 30 year low.

More and more major businesses and industries are being run on software and delivered as online services - from movies to agriculture to national defense.

An awful lot of successful technology companies ended up being in a slightly different market than they started out in.

TV and the press have always functioned according to the same sets of rules and technical standards. But the Internet is based on software. And anybody can write a new piece of software on the Internet that years later a billion people are using.

In short, software is eating the world

On the back end, software programming tools and Internet-based services make it easy to launch new global software-powered start-ups in many industries - without the need to invest in new infrastructure and train new employees.