CHART OF THE DAY: The PC Business Implodes

The latest numbers for the PC industry aren't good.

Gartner says sales were down 11% in the second quarter. This marks the fifth straight quarter of declining annual sales, notes Alex Cocotas of BI Intelligence.

The traditional PC industry is contracting because of the iPad.

Apple's iPad is a good-enough substitute for PCs. Instead of buying new, expensive PCs, people are holding onto their current computer and supplementing them with iPads, and other tablets.

Microsoft's Windows 8 was supposed to fend off the rise of tablet computing. So far, it looks like it hasn't worked.