Dell rode the PC curve not as a technology company, but as an efficient commodity assembler, marketer, supply chain optimizer. One can only grow such business for so long. Because real technology company can always defeat you in a number of ways – new inventions in HW and SW not available to Dell, more efficient distribution of manufacturing for new products. Expansion of product lines which yield higher profits. Witness HP winning the game long term.

A company like Dell, so focused on commodity and assembly, will fail when taking on technology services. Very very companies can make the combination. IBM, HP are just about it. None in Japan, Taiwan, Europe, and no other in US. Because successful technology service require a whole new culture, business model – new kind of people.