Microsoft Corp Chairman Bill Gates said he doesn't see any dramatic improvements for technology companies or the economy this year.
"I don't see any big uptick in the next year," Gates said in response to a question on where he sees the NASDAQ stock index and technology sector heading this year. "Somberness will stay."
Gates spoke with reporters at the World Economic Forum.
Gates said the sharp drop in the NASDAQ -- which has fallen 62 percent since reaching a high of 5,049 on March 3, 2000 -- put "a lot of sobriety back into the system.'' But he added, ``you wouldn't call the system 100 percent sober."
Gates said many investors remain too optimistic on the prospects of some technology companies. "I think people still underestimate" the "ebullience" of previous years, he said.
Gates said he favors today's business environment. "It's very healthy. People are thinking of long-term contributions to their companies. I like this period where people are thinking of the long term," he said.
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