Alternatively, with Dell and EMC combining their expertise, the new partnership could cut into market share of the giants already established in the space, along with some tech-related ETFs with large holdings to these established firms.

For instance, the iShares North American Tech-Multimedia Networking ETF (NYSEArca: IGN) holds 8.9% CSCO. The PowerShares Dynamic Networking Portfolio (NYSEArca: PXQ) holds 5.3% CSCO. Both ETFs track a group of multimedia and networking technology stocks.

Additionally, the First Trust NASDAQ Technology Dividend Index Fund (NasdaqGS: TDIV) includes hefty positions in CSCO 8.3%, IBM 7.9% and 2.7% HPQ. Any hit to these companies’ profit streams could have an immediate effect on dividend payouts in these tech giants.

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