According to Microsoft, the PC market decline will last, owing to a 39% decline in Windows OEM revenues. Besides, OEM refers to major hardware manufacturers such as HP, Lenovo, and Dell that sell PCs that have Windows installed.
Given that there hasn't been a significant shift to Linux, the statistics are troubling in the sense that the decrease in Windows sales is certainly related to the decrease in PC sales.
Microsoft itself cited "the ongoing downturn in the PC market and a very strong previous year" as evidence. According to Canalys, the PC market had dropped by 29% in the last quarter of last year and 16% in the whole of 2021, but sales in 2022 are still higher than in 2019, that is, during the pre-pandemic period.
Microsoft predicts a 30% decrease in Windows OEMs in the first quarter of 2023, indicating that sales will return to pre-pandemic levels. We'll see.