People bought a lot of new machines during the pandemic, and now I see institutions literally throwing out desktops by the bin-full as offices remain empty.
Maybe we should think carefully what that means for software. The driver of hardware sales has been ever less efficient, hungrier applications and a constant churn of compatibility. That's over, for now at least. People can't afford that now. And they're much more wary of energy costs. Successful software will be efficient enough to run on last year's computer, and remain compatible
Laptops see a regular churn because of degrading batteries, but servers and desktops only get upgraded for better efficiency which takes a few generations to make any sense.
Thus, with the slow down of new companies being established, there is less of a need for new CPUs, and existing users can easily postpone their upgrade cycle without much effect. If big customers simply switch to replacing their desktops to every 5 years instead of 4, that's a downturn of 25%.