By Mark Boslet

Transformational change is rippling through the high-tech industry at an extraordinary pace, according to Cisco Systems Chief Executive John Chambers.

"There is an understanding that the market is in tremendous transition, and when that occurs, profit contribution and job creation also goes up in the air," the buoyant leader said last week.

Chambers says a new Internet revolution is under way, with golden opportunities for smart companies and perilous consequences for businesses that fail to read the tea leaves correctly.

"The industry, I think, is littered with people who make the mistake of playing their hand too conservatively, especially during periods of market transitions," he said. "So while Cisco will make many mistakes, hopefully it will not be one of not trying to catch transitions and taking good business risks when they're appropriate."

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