I'll at least say that such a bear thesis isn't outrageous or inconsistent. He believes demand for PC's is trending down, but a one-time factor like the end of life for Windows XP has resulted in a temporary blip in demand.
Then again, when I think of strong downward and strong upward forces, I usually don't see them resulting in a net strong upward force. In other words, if demand for PC's were still trending lower, could an uptick resulting from a Windows refresh be enough for Intel to guide upwards by more than 5%?
Seems more like PC demand has stabilized - and IN ADDITION to that - there is a temporary uptick in business demand. Much easier to believe this, than to believe that the PC market is in a double-digit secular decline, but somehow a business PC refresh pushed it >15% in the upwards direction.
I would have expected corporate customers to have upgraded either last summer or by the end of 2013. Corporate-wide upgrades take time and planning and you don't wait until the last minute to do that.