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Apple AAPL and Dell Technologies DELL are well-known personal computer (PC) makers in a market that is expected to see year-over-year shipment growth of 2.1% in 2025, per IDC. Global PC shipment is expected to witness a CAGR of 0.4% between 2025 and 2029 to hit 422.6 million in 2029. Commercial shipment is expected to grow 4.3% year over year to 138 million and see a CAGR of 0.8% between 2025 and 2029 to hit 142.6 million.
Meanwhile, U.S. shipment growth is expected to be 1.7% to hit 70.4 million in 2025, per Canalys. For 2026, the shipment is expected to grow 1.9% to 71.7 million. Commercial is expected to 6.3% in 2025 and 1.4% in 2026 while consumer is expected to remain flat year over year in 2025 and increase 1.1% in 2026.
The growing demand for artificial intelligence (AI) powered PCs and Microsoft Windows 10 end-of-service in October 2025 are key catalysts. However, higher U.S. tariffs, particularly on China and associated recessionary risk, are a major concern. This factor has negatively impacted both Apple and Dell Technologies. Year to date, Apple shares have lost 23.4%, outperforming Dell Technologies, shares of which have plunged 29.3%.
AAPL and DELL Stock’s Performance
Image Source: Zacks Investment Research
So, Apple or Dell Technologies, which is a better buy under the current scenario?
The Case for Apple Stock
Apple’s Mac business is benefiting from strong demand for M4, M4 Pro, and M4 Max chips. In March, Apple expanded its Mac portfolio with the new MacBook Air powered by the M4 chip with up to 18 hours of battery life and a new 12MP Center Stage camera. Apple also announced the new Mac Studio featuring M4 Max and the new M3 Ultra chip. The new chip is the most powerful created by Apple and features double Neural Engine cores, Thunderbolt 5 with more than 2 times the bandwidth per port for faster connectivity and robust expansion.
Apple’s strong Mac portfolio helped it gain market share in the first quarter of 2025. Per IDC, Apple had a market share of 8.7%, up 70 basis points (bps) on a year-over-year basis. Shipment grew 14.1% year over year to hit 5.5 million. According to Gartner, Mac shares inched up 20 bps while shipments increased 7% year over year.
The availability of Apple Intelligence globally with macOS Sequoia 15.4 updates in new languages, including French, German, Italian, Portuguese (Brazil), Spanish, Japanese, Korean, and Chinese (simplified), as well as localized English for Singapore and India, bodes well for Mac’s prospects.
The Case for Dell Technologies Stock
Dell’s AI prospects remain strong, with AI expanding from major cloud service providers to large-scale enterprise deployments and edge computing with PCs. The Dell AI Factory combines DELL’s solutions and services optimized for AI workloads and supports an open ecosystem of partners comprising Meta Platforms, Microsoft and Hugging Face, apart from NVIDIA. The latest innovations include Dell Pro Max high-performance AI PCs, new PowerEdge servers, and the Dell AI Data Platform with NVIDIA.
In the fourth quarter of fiscal 2025, Client Solutions Group revenues were $11.88 billion, up 1% year over year. Commercial Client revenues increased 5% year over year to $10 billion, while Consumer revenues fell 12% to $1.89 billion.
Per IDC, DELL had a market share of 15.1%, down 30 bps on a year-over-year basis in the first quarter of calendar 2025. Shipment grew 3% year over year to hit 9.6 million. According to Gartner, DELL shares fell 40 bps while shipments increased 2.1% year over year.