Tech earnings were mixed last week, with Apple delighting Wall Street with strong results and Microsoft posting its first year-over-year drop in revenue. But you can say this much: There weren’t many bad surprises for investors. Does that mean the worst of the recession is over for tech?

My guest, Paul Kedrosky, says the air bubble of panic is gone and that’s good. But here’s the bad: There’s no big catalyst for corporate IT spending. That makes him worry that the big IT names like Oracle and Microsoft and Intel are out of the woods, but don’t have huge organic revenue growth ahead of them. (Oracle will no doubt get a bump when it digests the proposed Sun Microsystems deal, but that’s not exactly the same thing.)

Kedrosky does like a few sectors: Asian Internet companies, solar stocks and wireless. He explains why on the clip.