IBM got #*$!ed by Compaq because CPQ started selling cheap 386 cpus while ibm where selling them at premium price, CPQ cloned the IBM architecture and made the "ibm compatible" PCs, CPQ aggressively sold low-cost PC which costed even 4 times less than a IBM AT!
and also, IBM lost control of the software since it was owned by M$.
yet, it took ~5 years to consolidate this process.
most of the analysts wrote that CPQ was not going to live long, that ibm would have eaten, that CPQ days were numbered etc etc
conclusion : CPQ for many years has been the world's nr.#1 PC manufacturer.
now DELL killed CPQ as well, and HP made the rest "merging" and digesting what was left of the CPQ.
but DELL too had 1 serious reason to compete with CPQ : the direct selling!
how can a normal company compete with a direct seller like DELL?
ONLY with pricing, and that's the only way to kill Dell.
and since DELL computers aren't exactly cheap i think before or later some smart chinese company will kick his butt out of the scene, then chinese prices will go up and the story will repeat again and again.
but the truth here is :
anything is possible but it takes always YEARS to happen.