Silicon Alley rapid halt during the early 2000s recession. During this economic contraction, many internet companies in Silicon Alley folded. The recession also affected publications that covered the sector. After the dot-com bust, the "Silicon Alley Reporter" was rebranded as "Venture Reporter", in September 2001, and sold to Dow Jones. Self-financed AlleyCat News ceased publication in October 2001. A couple of years after the dot-com bust, Silicon Alley began making its comeback with the help of NY Tech Meetup, and NextNY. On December 19, 2011, then Mayor Michael R. Bloomberg announced his choice of Cornell University and Technion-Israel Institute of Technology to
Science and technology in Israel voice-mail company; and Mercury Interactive, which measures software performance. A high concentration of high-tech industries in the coastal plain of Israel has led to the nickname Silicon Wadi (lit: "Silicon Valley"). Both Israeli and international companies are based there. Intel and Microsoft built their first overseas research and development centers in Israel, and other high-tech multi-national corporations, such as IBM, Cisco Systems, and Motorola, have opened facilities in the country. Intel developed its dual-core Core Duo processor at its Israel Development Center in Haifa. More than 3,850 start-ups have been established in Israel, making it second only to the US