China’s factories have long churned out high tech products. A big question facing Silicon Valley–underscored in a survey released Monday by Intel (INTC) and Newsweek–is how big a role the country will play in dreaming up those gadgets.

The survey found optimism among Chinese respondents and pessimism among the Americans. Some 63 percent of Chinese believe their country will overtake the United States in technology innovation over the next 30 years. Only one-third of Americans believed the U.S. would still lead over that period.

Justin Rattner, Intel’s chief technology officer, agrees that China will reduce the innovation gap with America. But that doesn’t mean that surpassing the U.S. is inevitable. “Speaking personally, there’s no reason for that to happen,” he said.

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Steve Demeter seems like the perfect poster boy for Apple (APPL). Two years ago, the 30-year-old computer programmer became one of the first people to sell his product–a puzzle game called Trism–through Apple’s App Store, a virtual marketplace where third-party software developers connect with customers wanting downloads for their iPhones. He pulled in $250,000 in just two months and quit his job writing code for ATMs.

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Newsweek’s recent decision to get out of the news-digesting business and reposition itself as a high-end magazine selling in-depth commentary and reportage follows Time magazine’s emergency retrenchment along similar lines. It accelerates a process by which the 76-year-old weekly will purposely reduce its circulation from 2.7 million to a bit more than half of that. (Its circulation was nearly 3.5 million in 1988.) Likewise, Time’s circulation, which 20 years ago was close to 5 million, is now at 3.4 million.

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Even the most hidebound male chauvinists have been forced to admit that girls are as good at math as boys, on average. Boys no longer start outperforming girls at age 12 or 13, as they did as late as the 1970s; in the U.S., high school girls now take calculus at the same rate as boys; tests mandated by No Child Left Behind show that girls have reached parity with boys in math achievement through high school; and tests of complex problem-solving (which NCLB doesn’t measure) find that girls have now pulled even with boys through 12th grade on this skill, too.

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Newsweek is reporting that computer networks of both the Obama and McCain campaigns were the targets of a sophisticated cyberattack in the run-up to the general election and, in the Obama case, “a serious amount of files” were downloaded from the system.

The Obama camp initially thought in midsummer that their system was infected by password-stealing malware uploaded to someone’s computer through a phishing attack. But after FBI and Secret Service agents investigated, they told staff they had a problem “way bigger than what you understand.”

The intrusion even led White House Chief of Staff Josh Bolten to tell the Obama camp, “You have a real problem … and you have to deal with it.”

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Eight months ago, Yahoo! CEO Jerry Yang had a chance to sell his company to Microsoft for $43 billion. He refused. Now Yahoo’s (YHOO) market value stands at $18 billion. This raises a question: Why is Jerry Yang still running this company? “Nobody knows this company better than Jerry Yang,” Yahoo Chairman Roy Bostock says. “He put in place a strategic plan in 2007 and under extraordinary circumstances has been executing well against it. Jerry is the right person to continue to lead Yahoo.” Bostock says the company’s board has no regrets about the way Yang handled the Microsoft (MSFT) offer. “We analyzed the offer eight ways to Sunday, with advisers from Goldman Sachs and Lehman, and we determined that the initial offer of $31 per share significantly undervalued the company,” he says. “Not one of our investors encouraged us or suggested we should sell the company at $31 per share. Not a single investor.” He adds that Yahoo was willing to sell at a higher price, and that Microsoft, not Yahoo, walked away from the deal (as you’d expect, Microsoft blames Yahoo).

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In a windowless underground computer lab in California, young men are busy cooking up viruses, spam and other plagues of the computer age. Grant Joy runs a program that surreptitiously records every keystroke on his machine, including user names, passwords, and credit-card numbers. And Thomas Fynan floods a bulletin board with huge messages from fake users. Yet Joy and Fynan aren’t hackers—they’re students in a computer-security class at Sonoma State University. And their professor, George Ledin, has showed them how to penetrate even the best antivirus software.

The companies that make their living fighting viruses aren’t happy about what’s going on in Ledin’s classroom. He has been likened to A.Q. Khan, the Pakistani scientist who sold nuclear technology to North Korea.

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Three weeks ago, 12-year-old Shamira Fingers from South Philadelphia was walking down a city street near her home when she suddenly fell into an open sewer hole. Frantic witnesses called 911, and rescue crews rushed to the scene, pulled her out and took her to Children’s Hospital, where she was reportedly treated and released. Investigators say Fingers was very fortunate to escape serious injury or even death after falling six feet into an open manhole, the cover of which had been stolen. In the last year, a staggering 600 manhole covers have been swiped by thieves in Philadelphia.

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