We investigate and interpret some of the properties of a multi-sectoralgrowth model with endogenous embodied technical change in the light of theongoing debate on the viability of an IT based growth regime. In particular,we illustrate the two main views of the 1995-2000 IT boom in the USA. If itonly comes from productivity gains in the production of hardware and/orsoftwares, and even though these gains are permanent, the story could bejust one of temporary massive capital deepening and no long term growtheffect. In contrast, if this boom relies on productivity gains in R&D,there is room for a permanent IT growth regime associated with a permanentaccumulation of both hardware and software.