Yes it is and they are trying to hide their numbers behind highly technology focused product announcements. But they have no solution to the eroding market size of PCs. Sell is the best recommendation.
The recent figures are misleading as netbooks were lumped into the PC market when really they were the ancestor of the tablet market and really should have be lumped into that market all along. Atoms are now sold as tablets rather than netbooks often with optional keyboards which fundamentally still makes them a netbook but of course that now means they are no longer registered as a PC sale. This reporting anomaly will disappear next year.
p.s. like the way your INTC sentiment flips from bearish to bullish back to bearish depending whether you are long or short at the time. Cute and not in a good way as it exposes you as fundamentally unprincipled and lacking any real conviction or belief either way.