As I wrote last October, HP has been working on a re-org of its Labs. This video (I saw it thanks to Tom Foremski) summarizes their plans to cull the focus down to 25 to 30 or so projects at any given time.
To start with the focus is in 5 broad areas:
Handling Information Explosion
Dynamic Cloud Computing
Conversion of Physical and Analog content into Digital media
Intelligent infrastructure
Sustainability
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