Investors take note: Today's tech M&A wave is all about growth

The current M&A wave among tech giants like Dell (DELL), Cisco (CSCO) and Intel (INTC) reveals something new -- and promising -- about the tech landscape, and perhaps for the U.S. economy at large. The titans' shopping spree shows that rather than just bottom-fishing, they're jostling to get in on a new wave of growth stimulated by new products. And that could be a bullish sign for investors, who have been searching for new sources of spending to power an otherwise sagging economy.

For instance, with Microsoft (MSFT) gearing up to launch its new Windows 7 line next week, the tech industry has been buzzing about whether the release will finally kick off a long-awaited product cycle in the sector. But while tech chiefs are always talking up the promise of innovation, they're now starting to put their money where their mouths are.