Dell is also taking a beating ....
The iPad revolutionized the market, and some of the newer Android tablets are giving it some stiff competition. A great deal of what Laptops are used for, simply can be done “better” on a tablet.
Plus, we have the other little factoid to consider. Decades ago, hardware technology jumped forward at a pace that made it necessary to upgrade your PC every couple of years. Lately, for the past ~8 yrs or so; the rate of improvement in the hardware area has been lackluster - you can get by with a 2006 era desktop/laptop just fine today.
One of the places I work has a presence at an extremely large data center - >350K ft^2.
Six years ago, 98% of stuff in the data center was running on Dell equipment. I was just back there this past spring and walked around the DC. I'd guess that maybe a little over 1/2 was Dell. HP made the most inroads, with Cisco UCS gear a close 3rd.
I was strongly considering buying some Dell stock a couple of years ago. Glad that I didn't. Although, their gear is great, I've used it for 12 years or more. And their support - enterprise-level support - is still in America.