Intel Corp (INTC)

[wbmw]

If you define "PC replacement" as requiring x86 and Windows, I guess.

It's really quite simple. "PC replacement" means you can replace your PC with the device. Full stop.

Some people like to blog about how they've replaced their PC's with a phone, but they're probably typing those editorials using a PC or Mac. I'll argue that the market for PC's still seems stable, even though from quarter to quarter there are sometimes single digit reductions in unit volumes. We'll see how the Windows 10 roll-out affects sales, and whether the market is in secular decline, or just in a wait-and-see mode. I'm sure you'll argue it's the former.