Sales of low-cost computers, wireless broadband and digital heath-care solutions look especially promising to the Intel executive. The company's latest quarterly numbers were strong (profits in 2Q jumped 25 percent from a year ago) so it's probably not a huge surprise that Barrett sounds bullish.

Even so, Barrett's comments underscore the fact that many aspects of the IT business remain strong, and companies with a global presence can isolate themselves from the economic malaise in the U.S., at least for awhile. From a global perspective, PC sales remain strong, and that's usually a good indicator for software and service sales as well. So far, large vendors such as Intel and the large distribution companies don't see any reason to panic, which ought to reassure the rest of the channel.