Californian citizens voted 75 per cent to 25 per cent against Proposition 211 which, opponents said, would have made it dangerous for companies in the state to reveal plans for fear of lawsuits by shareholders when financial results disappoint.
In the past two months, chip giants Intel and AMD both said they were cancelling plans to release details of future products because of Proposition 211. Sun and Oracle were also vociferous critics of the proposed legislation, as were the restored president Bill Clinton and defeated Republican candidate Bob Dole. Television advertisements shown on the eve of the US election said that 211 was a cynical ploy by East coast lawyers on the make.
An Intel spokeswoman said: "We're very pleased, it's back to business as usual."