Contrary to what you might have heard, American businesses are buying more high tech equipment and computer software than ever. So far this year the pace of investment is faster than during the heroic phase of the 1990s boom, and even faster than at the prime of the dotcom bubble in early 2000. Yes, the notable exception is purchases of fiber-optic cables and network gear. Telecom companies are not buying to increase their systems' capacity. But everybody else is. Economists forecast that the inflation-adjusted amount of computer equipment being bought by businesses this year adds up to more than $300 billion. That's more than one-fifth higher than the summer 2000 peak. High tech investments have been growing at an average rate of more than 20 percent per year since the recession's low point in the summer of 2001.