Apple Mines the Mainstream

Stice says another contributing factor to Apple gains is missteps from Dell (DELL Quote), whose PC shipments in the U.S. declined 7.1% year over year, according to Gartner numbers.

And even though Apple still holds a relatively small market share overall, any inroads can have a dramatic effect on the company's bottom line. In its latest fourth quarter, for example, Apple's profit rose 27% to $546 million, even as the computer portion of total company revenue moved only 2 percentage points (to 45.8%).

Although there have been various attempts in the company's history to grow its Mac business, Stahlman says now is a particularly opportune time: Windows can run on Apple hardware; Apple has a powerful semiconductor company, Intel (INTC Quote), supporting them; and businesses are going through a significant evaluation and upgrade process with the launch of Microsoft's (MSFT Quote) Vista operating system.

"This is the first time in the history of Apple as a company that they have a real shot at dramatically expanding Macintosh market share," Stahlman says.

Stahlman's suggestion, which created buzz last week after publication of his Gartner note, calls for Apple to license the Mac to Dell to become a substantial rival to Microsoft. With Dell and Intel already close partners, the trio makes a lot of sense. That would be the quickest way to beef up distribution, he says.