????戴爾公司（Dell）特別委員會今天上午公布了一份投資者陳述，其中自然少不了對個人電腦市場的冷嘲熱諷，同時還解釋了為什么股東在情況進一步惡化前閃人才是明智之舉。下個月，戴爾公司的股東就將對公司創(chuàng)始人邁克爾?戴爾和私募股權投資公司銀湖（Silver Lake）發(fā)出的245億美元收購要約進行投票。

????上圖是該陳述中的與此內(nèi)容相關的一頁幻燈片。

????我們可以看到，其中大部分數(shù)據(jù)都來自調(diào)研公司IDC。這家公司在今年4月發(fā)布報告稱，2012年一季度至2013年一季度期間，全球個人電腦發(fā)貨量下降了13.9％，引發(fā)軒然大波（不知何故，戴爾的特別委員會似乎把此數(shù)字向下取整了一下）。

????然而，相比之下鮮為人知的是，IDC隨后又發(fā)布報告稱，2013年整年預期僅會下跌7.9％。此外，這家調(diào)研公司還預計，到2017年全球個人電腦出貨量將略有增加。

????今天，高德納（Gartner）發(fā)布了類似的調(diào)研結果，報告稱今年一季度全球個人電腦出貨量下降了11.2％。高德納目前預測2013年全年降幅為10.6％。

????如果IDC和高德納預測準確，那么個人電腦銷量下降的趨勢實際上有所緩和。這倒不至于使戴爾放棄它的服務器或服務業(yè)務而重新專注于個人電腦業(yè)務，但也不至于像4月份的數(shù)據(jù)最初給人的感覺那樣，讓人覺得情況只會越來越糟，完全沒有盼頭。或許這是卡爾?伊坎尚未認輸?shù)脑蛑弧＃ㄘ敻恢形木W(wǎng)）

????譯者：項航

????Dell Inc.'s special committee this morning published an investor presentation ahead of next month's shareholder vote on a $24.5 billion buyout offer from company founder Michael Dell and private equity firm Silver Lake. Included were several requisite barbs at the personal computer market, and why shareholders would be smart to bail before things get even worse.

????Here is one of the relevant pages from its presentation.

????As you can see, most of the data is from research firm IDC, which made waves in April by reporting that global PC shipments fell 13.9% between Q1 2012 and Q1 2013 (seems Dell's special committee rounded that down, for some reason).

????What got far less attention, however, was that IDC subsequently reported that the entire 2013 forecast was for only a 7.9% dip. Moreover, it projected a slight increase in shipments by 2017.

????And we got something similar today from Gartner, which had reported an 11.2% Q1 decline. Now Gartner says that the overall 2013 drop should be 10.6%.

????If IDC and Gartner are correct, then the downward trajectory of PC sales actually is flattening out a little bit. Not so much as to make Dell (DELL) scrap its server or services businesses and refocus on PCs, but also not the "If you thought this quarter was bad, wait until next quarter" mentality that the April numbers at first seemed to imply. Maybe that's one reason why Carl Icahn hasn't thrown in the towel yet...