The cuts will be made in the sales and marketing departments, and that they could happen as soon as this month and are due to the sudden drop in the PC market.

Intel's year-over-year revenue for Q2 dropped from $19.6 billion in 2021 to $15.3 billion in 2022, driven by decreases in Intel's consumer PC and server businesses, and the company's forecast for Q3 was similarly gloomy. Nvidia missed its most recent quarterly revenue projections by $1.4 billion, as the GPU shortage has ebbed and cryptocurrency-driven demand has dried up. AMD has said it will miss its Q3 revenue estimates by about a billion dollars because of weakened PC demand.

IDC says that Q3 sales fell by 15 percent year over year, and that's the most optimistic figure—Gartner claims it's down by 19.5 percent, and Canalys says it's down 18 percent.