computations have been accomplished
using DNA.
To be sure, conventional computers
could have solved the problems faster, but
that isn't the point. Once DNA computers
are scaled up they will be able to solve
currently unsolvable problems in nano-
seconds. DNA computers will process
trillions of calculations at the same time,
offering the ultimate in parallel processing.
The promise of DNA also lies in the
ability of individual molecules to store
data far more efficiently than silicon chips
or any other electronic memory.
A milligram of DNA can hold as much
Trend Implications
Around the world, researchers are
exploring applications for DNA chip
technology. Scientists anticipate a day
when it will be possible to use selective
self-assembly and molecular recognition
to produce DNA circuits. Down the line
is the science-fiction scenario of implant-
ing DNA-based artificial intelligence into
human brains. Fortunately, none of us
will be around long enough to find out if
it works. For now, we can look forward to
computers that are smaller, faster and
cheaper, and can be installed anywhere,
in anything.
Chevron Confirms
Texaco Will Quit Shell Joint Venture
will be forced to spin off its stake in joint
venture companies Motiva and Equilon if
the two oil companies are to win antitrust
approval of their merger.
In a filing with Securities and Ex-
change Commission, Chevron and Texaco
say they expect to resolve Federal Trade
Commission market concentration
concerns "by the disposition of Texaco's
interests in Equilon and Motiva." How-
ever, they say they do not know the scope
or method of the dispositions that will be
required. Apart from disclosing that Shell
has held talks with Saudi Refining Co.,
there is no mention of what will happen
with the Saudis' stake in Motiva.
Equilon has an estimated 6.8% share
of the national gasoline market and
roughly a 13.1% share of volume in its
geographic market area, according to Tex-
aco's latest annual report. Motiva, which
markets through almost 14,000 stations,
has an estimated 8% national gasoline
share and 16% of its geographic market.
minated by either party if not completed
by Oct. 15, unless the hold up is due to
regulatory review. If so, the deadline can
be pushed back to April 15, 2002. The
pact calls for either company to pay a
$500 million penalty if the merger col-
lapses because their stockholders don't
approve it, or if a third party makes an
offer before shareholders vote. Another
$500 million is due if either firm accepts
a different merger offer within 12 months
of termination. Merger expenses are
estimated at $125 million.
Chevron had made
a $76/share offer
for Texaco in February 1999 but it was
spurned by Texaco's board. Texaco CEO
Peter Bijur raised the issue again a year
later at a meeting with Chevron CEO
David O'Reilly to discuss their joint in-
vestment in Caltex Corp. Shell entered