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|CED in the History of Media Technology|
Thomas Watson, Sr. (seated) the CEO of IBM in 1952 using the IBM 701 computer, the company's first fully electronic model. This computer also had the ability to read/write magnetic tape, but at this stage it still relied mainly on punched cards for I/O. A total of nineteen 701's were installed during its three year lifespan at a monthly lease rate of about $15,000.
According to IBM, Thomas Watson, Jr. didn't make the famous 1953 statement that a worldwide market of "only five electronic computers exists." The company believes he was simply commenting on order figures for the 701 computer and his statement has been misconstrued urban legend style.