If Microsoft is not prepared to take a bet on the PC, then who is?
This explains why the world’s biggest software company is now considering dipping into its $67bn of cash reserves to back a buyout of Dell, a casualty of the fierce wars raging in the hardware industry.
Even as a pure financial investment, this would probably have a lot going for it. As we pointed out here this month, before news leaked that Michael Dell is attempting to lead a buyout of the company he founded, the PC universe has become a solid if dull place for widows and orphans to park their cash: both Microsoft and Intel offer dividend yields that are more than twice the level of US Treasuries.