But the future of telephony probably lies in packet switching.

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Who will dominate the future of unified telephony?

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So his team is positioning the fund for the future by investing in telecommunications companies with good cash flow - likely candidates to benefit from the convergence of telephony and computers.

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But among investors and vendors of emerging technologies such as IP telephony, expect a very different reaction--and concern about the future.

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Future earnings growth for China Mobile and its smaller rival Unicom could come from the eventual arrival of next-generation mobile telephony which will offer speedier internet access and better video streaming.

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