I believe Dell's suppliers also used the demonstrated advantages of Dell's logistics to enter the market as competitors.
Also in the pre-2000s run up, Dell's pricing was premium, and with those margins Dell provided better than average in-house, state-side customer support, most (all?) of which was eventually dismantled as PC prices dropped.
Maybe when they aren't public, Dell will be able to invest heavily in R&D & customer support without worrying about earnings per share for the next quarter.
Also in the pre-2000s run up, Dell's pricing was premium, and with those margins Dell provided better than average in-house, state-side customer support, most (all?) of which was eventually dismantled as PC prices dropped.
Maybe when they aren't public, Dell will be able to invest heavily in R&D & customer support without worrying about earnings per share for the next quarter.