The enterprise group has a lot of also-ran businesses, including servers, storage, networking and software. There are some decent assets in storage, but nothing that you'd think will provide the kind of long-term advantage that's going to inspire faith.
On the consumer side, there's the threat of a continuing secular collapse. If PC business growth doesn't continue (because, in a situation I view as likely, consumers are going to continue waiting far longer than the traditional three years to replace the PCs they're buying now), and people instead adopt targeted hardware that works better, that hurts both ends of the consumer business.
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On the enterprise side, Hewlett Packard Enterprise (the other half of the split) has a server business that will be threatened by contract manufacturers and by Lenovo, once it gets rolling with its server business newly acquired from IBM.
In its other businesses, Hewlett-Packard Enterprise will have neither obvious intellectual property advantages nor scale: Networking is Cisco's game.
Storage is getting slammed by cloud trends, and it's not clear that a risky combination with EMC (which would have to spin off VMware to manage it) would help much. The software business is stagnant despite the Hail Mary acquisition of Autonomy years ago. And the services business continues to be stuck in the mud.
The breakup could end up being a good thing, but it doesn't fix much. Instead of one huge troubled business, we'll have two big troubled businesses.