ing now, over the Internet. And it was great because I know exactly what size I want it and it showed up online home. The opportunity for Web Commerce is very, very large. In 1997, last year, about 3 billion dollars of merchandise were sold through the Internet in the United States. By the year 2000, that number is going to be over 100 billion dollars. And you can see year by year there is going to be a tremendous amount of transactions that going to happen over the Internet. The Web is very interesting because it allows users themselves to be active. They are the persons that are in charge. And consumers, people who are doing the Web surfing, have a lot of options, and they have the choice. So a lot of people are recognizing that the customers now can have a very important say in what to buy, how to buy it and where to buy it. And as a result many industries in United States are undergoing some very rapid change, because of the buying power on the Web. At least there are some examples here. For example, stocks. People not only look at stock information, but also trade, and buy, and sell stocks electronically through the Web. In fact, there are many very successful companies that are now emerge (emerging) in the United States that all it do (does) is (to) sell stocks over the Web. We work with a partner called Etrade that does exactly that. In the United States now, it is tax season. And for the first time, you can file some of your taxes over the Web. And this is a very convenient way for people to gather information, to understand the laws that have changed about taxes, and now be able to process and sermon your tax forms online. Other applications that are very, very important, are travel, where you can buy airline tickets, book hotels, book rental cars through travel sites; buy books, Amazon.com is a very famous bookstore now on the Web; you can buy computers and software and hardware and accessories through Web -- people, for example, like Dell Computers and Gateway 2000, have created the tremendous opportunity to go directly to the consumers; you can buy music CDs, videos, almost anything you can imagine that you can buy through retail now you are beginning to buy on the Web. I believe that in the United States you will see even more industries change because the way that the Web is so popular and people have ability to conduct commerce at their own pace. They can talk to whoever they want to talk to, (find out,) do some research and then conduct the transaction based on their own behavior rather than having to go to somebody else to buy the merchandise.

So I want to show you this chart because it talks about Yahoo's strategy and where we want to be as a company. We have a lot of content on the Web. Millions of Web sites that are on the top; and on the bottom we have tens of millions, hundreds of millions of users; and in the middle is where Yahoo is focusing our efforts. We develop the technology; we develop th

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