Business Notes PERSONAL COMPUTERS

When IBM introduced its new PS/2 line of personal computers last spring, dozens of companies began racing to be the first to design clones -- copycat machines that sell for a fraction of the price. Last week the distinction was claimed by an upstart, Dell Computer of Austin, which will begin selling PS/2 clones by the end of the year.

Dell's fast rise is evidence that the computer industry is still fertile ground for newcomers. With a bankroll of just $1,000, Michael Dell, 23, started selling discount IBM PCs in 1984 as a freshman at the University of Texas. By last year his company was the eleventh largest U.S. maker of personal computers (fiscal 1988 sales: $159 million). But Dell faces tough competition. Three days after its announcement, Fort Worth-based Tandy said it will begin selling PS/2-compatible machines in June.