Intel Investors Could Feel PC Strain

There have already been indications that the PC market is impacting chip makers. Earlier this week, for example, Intel's rival AMD(AMD) cut its second-quarter guidance, citing softer-than-expected sales in China and Europe along with weak consumer demand for PCs.

Nomura's Shah also warns that Average Selling Prices (ASPs) for chips are under pressure as well.

"We see evidence that ASPs are softening," he said. "Our research indicates that aggressive pricing on Core i3 Ivy Bridge parts contributed to AMD's miss on Monday. We also believe earlier in the quarter that there were price cuts to support lower price points for Ultrabooks."

Shah lowered his Intel third-quarter estimates to revenue of $14.3 billion and earnings of 61 cents a share from $14.5 billion and 63 cents a share respectively. The analyst also cut his 2012 forecast to revenue of $56 billion and earnings of $2.36 a share from $57 billion and $2.47 a share respectively.

Intel shares dipped 2.44% to $24.77 on Thursday.

--Written by James Rogers in New York.