With Twitter exploding–and the focus on real time data exploding along with it–there are a number of new companies that are seeking to develop more specific applications of this technology.

Several such companies presented at a conference in San Francisco last week organized by TechCrunch.

Hot Potato organizes real-time content about specific events, which can be big public events such as a conference or sporting event or private events such as a person buying a car. The company is backed by $1 million from First Round Capital and RRE Ventures.

Using the service, people can see a stream of the text updates for the events, as well as photos directly in the stream of news. People can participate in the events whether they are at the event in person or watching remotely.

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Google’s (GOOG) chief executive Eric Schmidt said during a trip to Baghdad this week that Iraq’s stabilization could lead to business opportunities in the country.

Mr. Schmidt was part of a delegation, led by Peter Pace, the former chairman of the Joint Chiefs of Staff, to encourage business development in Iraq.

“After this tremendous investment in Iraq, we see business recovery finally happening,” he said in a video interview provided by the U.S. Army. “The creation of a new Iraqi state ultimately means business opportunities for global firms.”

“Google’s interested in making sure that Iraq ends up being an open and transparent democracy–after all, information makes a big difference in everybody’s lives,” Mr. Schmidt added.

The delegation met with both military and civilian leaders in Baghdad, he said. “It’s clear that the government is reaching out now to business, to try to get us to begin our part in the reconstruction of Iraq.”

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Consumers are generally cautious heading into the critical holiday shopping season, with preseason trends suggesting that electronics sales may be solid while sales of apparel, particularly women’s styles, could get pummeled.

Spurred by the release of a hot videogame and earlier-than-usual promotions on televisions, U.S. shoppers spent 6.1 percent more on electronics in the first half of November the month, through Nov. 14, than a year ago, according to a recent analysis from MasterCard SpendingPulse, a unit of MasterCard Advisors.

The new data, based on MasterCard SpendingPulse data, which reflect estimates on all payment forms, including cash and checks, comes days before Thanksgiving, the traditional kickoff to the holiday selling season, when consumers traditionally spend several hundred billion of dollars. Retailers count on holiday sales for as much as 40 percent of their annual sales and half their annual profits.

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The Web consulting firm Blue State Digital helped the Obama campaign raise some $500 million online, catapulting a relative political novice into the Oval Office.

Its next challenge: Help fashion bible Vogue magazine cash in on its far-reaching influence at a time when advertising dollars are bleeding out of print.

Vogue has hired Blue State Digital to help analyze the Conde Nast publication’s audience as part of a broader, revenue-generating push that ultimately will involve implementing paid subscriptions on Vogue.com, said Tom Florio, publishing director for Vogue and several other Conde Nast magazines.

The collaboration between magazine publisher and Web strategist began several months ago when Diego Scotti, Vogue’s executive director of marketing, emailed Blue State Digital co-founder Joe Rospars. Vogue executives, keenly aware that the monthly magazine is just one of many ways people connect with the publication, had been looking for ways to capitalize on its influence.

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The rise of video streaming is dramatically affecting the Internet, according to a two-year study of Internet traffic trends that Arbor Networks recently presented to the North American Network Operators Group. Two years ago, Internet traffic was distributed evenly among a dozen Tier-1 network providers, but today the majority of traffic flows through direct peering agreements among large content providers, content delivery networks and ISPs.

Consequently, Tier-1 networks have shifted their business models from simple packet delivery to richer cloud computing and content hosting services, and new players Google (GOOG) and Comcast (CMCSA) have joined the top 10 list of Internet traffic producers–and the more traffic they put on the Internet, the more control it gives them over your online experience.

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Because it’s my job, I’ve followed pretty much everything Steve Brill has said in public about Journalism Online, the pay-for-news firm he launched in April with Gordon Crovitz and Leo Hindrey. From the start, they’ve been offering infrastructure and consulting for news organizations that want to charge for access to their websites. But as you’d expect with any new venture, the pitch has changed over time.

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Demand Media has advertising-driven content down to a science. Instead of creating content for the Web and hoping that it generates revenue, the company works backwards by determining how much revenue each piece will generate before anything is produced.

The company uses a series of algorithms to pick through keywords that people are searching for on the Web and aims to create content unique enough to rank highly in those search results. It also determines how much advertisers would pay to be next to that content.

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You may have heard that Call of Duty: Modern Warfare 2 sold nearly 5 million copies in North America and Britain on its first day of release last week–that’s $310 million in sales, what publisher Activision (ATVI) calls “the biggest launch in history across all forms of entertainment.”

Nevertheless, the game’s more noteworthy achievement is an artistic one: It’s a first-person shooter that plays as a tragedy, not a power fantasy.

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Once upon a time Second Life had a Twitter level of hype. Even those without a cartoon version of themselves couldn’t plead ignorance due to blanket coverage in newspapers and magazines.

Second Life is a virtual world started by the US firm Linden Lab in 2003, in which users design an avatar to live their “second life” online.

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In what I must admit is a shocking turn of events, the Associated Press has moved beyond attacking Google (GOOG) and others it has branded as content “thieves” to embrace a page from its opponents’ playbook.

Literally.

In an internal AP memo obtained by Talking Points Memo, a senior managing editor, Mike Oreskes, states that when two AP reporters found that one bookstore had inadvertently placed Sarah Palin’s “Going Rogue” on sale five days before the official release date, “They bought a copy, ripped it from its spine and scanned it into the system so it could be read and electronically searched.

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Remember paying astronomical prices for college textbooks that, once class was over, had only one possible use: as paperweights?

To the relief of parents everywhere, shelling out $182 for Principles of Biochemistry may become a thing of the past. Several recently funded start-ups make it cheaper, or in some cases free, for students to obtain books.

Akademos Inc. raised $2.5 million in August to support an online marketplace for students to sell books to each other, saving buyers an average of 61 percent off list prices. Flat World Knowledge LLC, funded earlier this year with $8 million in Series A money, provides digital versions of textbooks online for free, earning revenue and paying authors by giving students options to purchase soft-cover textbooks, audio books and self-print individual chapters.

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Several reports from the US make the point: local is the new buzzword in the land of web entrepreneurship. No wonder. As more and more smart mobile phones are used to check in online, the demand for local information online rises.

However, listings magazines have been slow to adapt to the online world, so there is room for new hype, and maybe even a chance to make money.

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Dell’s (DELL) fiscal third-quarter earnings fell 54 percent to $337 million, while revenue declined 15 percent to $12.9 billion.

The personal-computer maker saw revenue in its small and medium business unit slip 19 percent from the year-earlier period, while its consumer business was down 10 percent. In a statement, Michael Dell, its chief executive, said that the launch of Microsoft’s (MSFT) Windows 7 has been “very well received” by consumers and businesses, and that the company will see those results more in the fourth quarter.

Dell also highlighted its performance in China, where sales grew 8 percent. Combined sales in China, India, Brazil and Russia rose 5 percent.

The company is likely to discuss its recent acquisition of Perot Systems, though investors may also want to hear more about its smart-phone plans and how it’s competing with Hewlett-Packard (HPQ), which reported a revenue drop as well as a purchase of its own last week.

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Bank of America/Merrill Lynch (BAC) chip analyst Sumit Dhanda this morning turned cautious on semiconductor stocks, downgrading a slew of stocks; his colleague Daniel Heyler made a comparable on the foundries, lower ratings on a number of stocks.

“We are downgrading our view on the sector given unfavorable indications from our cyclical framework,” he writes. “In particular, our industry model suggests that following a period of rapid replenishment of inventory and normalization of semi shipments to true consumption levels, inventories in the supply chain are approaching a level suggesting a modest overshoot versus equilibrium levels. While we see limited risk to near-term estimates, we think the longer this persists the great the risk of a correction in the supply chain. Barring a sharp upturn in the global economies, this, in our view, renders the risk reward associated with ownership of chip stocks unattractive.”

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Norwest Venture Partners on Wednesday announced that it had closed a new venture-capital fund sized at $1.2 billion. That’s nearly double the size of the Silicon Valley venture firm’s last fund in 2006, which closed at $650 million.

The new fund is unusual in this day and age amid a tough fundraising environment brought on by the recession. What’s more, many venture capitalists argue that funds need to be smaller to get back to the basics, especially since venture capital isn’t an industry that necessarily scales upwards.

Here’s what Promod Haque, NVP’s managing partner, had to say about all this:

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