NEW YORK (TheStreet) -- Reports of the death of the personal computer may have been greatly exaggerated. And as with most sweeping trends in technology, investors would have been wise to have been more skeptical.
Shares of Hewlett Packard (HPQ) jumped as much as 6% on Thursday after the company announced surprising growth in its PC unit amid its quarterly earnings. The stock has gained 32% year to date, as investors realize that that predictions of tablets replacing personal computers were overdone.
Hewlett Packard isn't the only old tech giant that markets wrote off, only to realize that fears about its obsolescence may have been overdone this year either. Shares of Intel (INTC) are up 35% and Microsoft (MSFT) 20% respectively, as investors realized the companies may be much better positioned for new technology trends than originally thought.
The question for investors now is whether markets have similarly gotten carried away with tech giant IBM (IBM) . The company has been left for dead, amid anxiety that the rise of cloud computing and competition from companies like Amazon (AMZN) will hammer its software business.
IBM was the only Dow component that failed to participate in the index's 24% rally last year, ending down 5% instead. Shares are flat this year despite a newfound enthusiasm for old tech names that has boosted Cisco (CSCO) and Xerox (XRX) by more than 10% over that period.