Cisco's Chambers: We're not buying EMC

Cisco CEO John Chambers
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Cisco CEO John Chambers shot down rumors Wednesday that his company was a possible buyer of computer storage company EMC.

"[EMC CEO] Joe Tucci is a very good leader and a very good friend ... If Joe and I were going to do something here, we would have done it a year or two ago," he said, in response to a question by a reporter about .

His comment came at a breakfast event hosted by The Wall Street Journal.

He also warned some segments of the tech industry appear to be in a bubble.

"Companies are getting funded way too early, and the CEOs, they know it," Chambers said. "I do think there is a very real worry."

"I believe you make money as you go," Chambers said. "I personally think that it is a mistake not focusing more on profits."

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Chambers said that if the economy takes a hit, we could even see a repeat of the tech bubble in the 1990s.

"If you get caught in an economic disruption ... you will see the same sort of downturn you have seen before," he said. "If there is a major disruption, then it's fasten your seatbelt time."