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Q1 market results are out and it’s surprisingly bleak reading for AMD and Nvidia

Q1 figures show disappointing results, but that could soon turn around
Last Updated on May 31, 2024
Q1 market results are out and it's surprisingly bleak reading for AMD and Nvidia
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Jon Peddie Research has released its Q1 report on the CPU and GPU marketplace, and the results are quite surprising. While here within the gaming world it can feel like the community is constantly prospering, it does not appear that way in terms of sales from earlier this year. Yes, both the CPU and GPU markets have taken a hit which could be some cause for concern for AMD and Nvidia. We have a couple reasons why this decline has happened and what may occur later on this year to turn it around.

CPUs to be a tale of two quarters?

On a positive note, year-over-year CPU shipments witnessed a healthy 33% growth, indicating a strong overall demand compared to the same period last year. However, this positive trend was overshadowed by a 9.4% decline in shipments compared to the previous quarter. This dip can likely be attributed to seasonality. Consumers might have fulfilled their upgrade needs during the typical upgrade cycle in the latter half of 2023, leading to a slowdown in Q1 of this year.

However, there is light at the end of the tunnel for manufacturers. With major players like AMD and Intel poised to launch new CPUs at the end of summer, the desktop segment is expected to see a resurgence in demand later this year. Additionally, the growing interest in AI PCs could be a game-changer. Chipmakers and manufacturers are actively developing new products and showcasing advancements in this space, potentially driving the need for CPUs specifically designed for AI apps.

Image Source: Jon Peddie Research

GPUs feeling the squeeze

The GPU market in Q1 2024 faced a more significant setback compared to CPUs. Overall shipments dropped by a concerning 9.9% compared to the previous quarter. This decline impacted all major vendors, with AMD experiencing the steepest fall at 13.6%, something we previously reported on with a drop in Radeon GPU sales.

This could be an early sign of a challenging year for AMD’s graphics business, as they have acknowledged a potential negative trend. Another worrying indicator is the slight dip in the GPU attach rate, which reflects the average number of GPUs per PC. This suggests a potential decrease in demand for multiple GPUs per system.

Image Source: Jon Peddie Research

Room for optimism

Despite the Q1 slump, there’s hope for the GPU market to rebound in the latter half of 2024. Both Nvidia and AMD are expected to unveil new GPU architectures – the RTX 50 series and RX 8000 series respectively, hopefully reigniting interest in the graphics segment. The introduction of new architectures could entice gamers and other graphics-intensive users to upgrade their systems, boosting the market overall. This would be a much-needed win for GPU manufacturers who are likely feeling the heat from these results.

Image Source: Jon Peddie Research

Overall, the PC CPU and GPU market in Q1 2024 presents a mixed picture. While CPUs faced a temporary slowdown, the upcoming launch of new models and the rise of AI PCs offer promising prospects. The GPU market, however, likely requires a refresh, and the arrival of new architectures in the second half of the year could be the catalyst for a turnaround. We guess we’ll just have to wait and see.

Tom is a tech writer with a detailed view on ensuring the best buying advice, most useful information, and latest news makes its way into PC Guide's articles.

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