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In this paper, I survey briefly some of the recent and emerging trends in hardware and software features which impact high performance transaction processing and data analytics applications. These features include multicore processor chips, ultra large main memories, flash storage, storage class memories, database appliances, field programmable gate arrays, transactional memory, key-value stores, and cloud computing. While some applications, e.g., Web 2.0 ones, were initially built without traditional transaction processing functionality in mind, slowly system architects and designers are beginning to address such previously ignored issues. The availability, analytics and response time requirements of these applications were initially given more importance than ACID transaction semantics and resource consumption characteristics. A project at IBM Almaden is studying the implications of phase change memory on transaction processing, in the context of a key-value store. Bitemporal data management has also become an important requirement, especially for financial applications. Power consumption and heat dissipation properties are also major considerations in the emergence of modern software and hardware architectural features. Considerations relating to ease of configuration, installation, maintenance and monitoring, and improvement of total cost of ownership have resulted in database appliances becoming very popular. The MapReduce paradigm is now quite popular for large scale data analysis, in spite of the major inefficiencies associated with it.