When this type of thing happens to Intel analysts can't wait to get their mugs on TV declaring that the PC era is over. Well then, is the iPad era over as well? Are we entering the pad of paper and pen era? Kinda hard to say that iPads have cannibalized PC sales when in reality they are down too. And worse yet, China sales are down.
#1. Earnings are down across the board in many industries. People just aren't spending money. That includes TV's computers, tablets vacations.
#2. Apple makes the majority of it money on iProducts. There hasn't been a new one since last year.
#3 iPhone sales are the only bright spot.
Say what you want about Intel, but when the leader of the revolution away from the PC is also down, where do you go from here?
You are correct, people aren't spending, because they're broke. Wages not growing. Paying off debt. Worried about their jobs, as they should be. Hoarding cash. Add it all up and it equals no demand. Big corporations have boosted profits by cutting expenses, i.e., labor, and now revenues are down. What goes around, comes around. But Intel will still do OK, because tech moves forward.