Reuters reported that a strong outlook from IBM and decent results from Intel Corp and Microsoft Corp suggest that corporate decision makers are shaking off nervousness about economic growth and boosting spending on technology.

According to the report, will easily beat Wall Street's fourth-quarter profit expectations and promised earnings growth of 10% in 2012. Intel, the leading microchip maker, announced ambitious spending plans after reporting quarterly results that topped scaled-back analyst forecasts. Microsoft's results were largely in line with expectations, with growth in its servers and tools business offsetting weakness in Windows sales to PCs.

The report quotes JMP Securities analyst Alex Gauna saying, "Those results look largely favorable. So far what we have seen in technology, looks like we are turning the corner and things are getting better. Turning the corner in terms of cleaning the excess inventory in the channel and seeing a better demand outlook."