Intel no longer kicks hind end but, unlike RIM, the jury remains out on whether or not it can continue to take names. Intel is in decline in many ways, particularly if you pay attention to the purple and darkish blue lines that indicate revenue growth.

Certainly reversible, but not good.

So the INTC bulls come at me with the same type of stuff the RIM bulls came at me with last year.

Intel still does billions in revenue every year! It's a cash cow. What? Do you think it's going to trade below book value, you idiot!?

RIMM does. Way below book value in fact.

Some guy on Twitter yelped in response to an article I wrote on Monday: Too bad that article completely dismisses the datacenter.

Right. And when bears dogged RIM, the bulls said we were ignoring the company's presence in the enterprise and its superior security relative to Apple and Android.

Whether it pleases IT geeks, soothes investors with on-paper losses in INTC or is fair or not, this stock will act and react to one thing and one thing only -- what happens to Intel as a chipmaker for PCs, Macs and mobile devices.

That's it.

Intel's going to need to post something better than 5.7% revenue growth, year-over-year, in its $2.5 billion Data Center Group to offset the 8.3% dump it experienced across the same period in its used to be $9.4 now it's $8.6 billion PC Client Group core. (Numbers via Intel's most recent 10-Q).

The dismal long and short of it says, as goes Microsoft ( MSFT), Windows 8 and the PC space, so goes Intel.

Given investor focus on consumer and enterprise PC, smartphone and tablet sales vis-a-vis INTC, AAPL, MSFT and RIMM, it's difficult to make a bull case for Intel beyond its heritage status and dividend yield.

As focus increasingly shifts to those two things, INTC becomes more of a value trap every day.

At the time of publication, Rocco Pendola held no positions in any of the stocks in this article.

Rocco Pendola is TheStreet's Director of Social Media. Pendola's daily contributions to TheStreet frequently appear on CNBC and at various top online properties, such as Forbes.

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