GPU shipments in Q3 2024 dip, as gamers wait for NVIDIA's new GeForce RTX 50 series GPUs

Jon Peddie Research has published its Q3 2024 GPU shipment report, seeing 73.6 million GPUs shipped in the three-month period, with PC CPU shipments increasing to 66.5 million units.

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According to JPR, GPUs will have a compound annual growth rate of -1.9% from 2025 to 2028, reaching an install base of close to 3 billion units by the end of this period. Over the next 4 years, JPR predicts that the penetration of discrete GPUs inside of PCs will reach 17%.

Dr. Jon Peddie, president of Jon Peddie Research said: "A surge led to the jump in overall GPU and CPU shipments in Q3. AMD and Intel released new CPUs, and there was some pent-up demand for them. However, looking forward, we think that if the proposed tariffs are imposed, the PC market will suffer a recession due to increased prices and unmatched increases in income".

• Read more: JPR Q2 2024 GPU shipments up 1.8%, NVIDIA GPU share increases 2%
• Read more: JPR: CPU industry has fully recovered from recession, AMD and Intel are booming again

CES 2025 is right around the corner with both NVIDIA and AMD unveiling next-generation graphics cards with the GeForce RTX 50 series "Blackwell" cards, and the Radeon RX 8000 series "RDNA 4" cards to be revealed in early January 2025.

JPR's report continued: "GPUs and CPUs are leading indicators of the PC market because they go into a system while it's being built, before the suppliers ship the PC. However, most semiconductor vendors are guiding up for the next quarter an average of 7.6%. Last quarter, they guided -7.9%, which was too low. The 10-year average for Q2-to-Q3 shipments is 0.9%, so happy days may not be entirely here just yet, but given the turmoil, it's hard to predict".