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Recent improvements in fiber optic semiconductor components (i.e. lasers and detectors) will lead to the rapid deployment of fiber optic systems in the next few years. This does not, however, signal the end of research in semiconductor optoelectronics, but rather the opening of new and ultimately more widespread application of optoelectronic devices. New and powerful signal processing and data transmission functions will become possible by the marriage of optical and electronic functions on a single monolithic wafer. Applications will range from simple single channel integrated repeaters to repeaters with error correcting electronics and switching capabilities to complex distributed computer data bus networks capable of interconnecting dozens of the computers of the 1990's with a circulating data stream operating in excess of 100 Gigabits/sec.