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“First quarter PC shipments came in better than expected, which led to an improved outlook for microprocessors, but we believe most of this improvement was due to the fact that inventories had been run down too far, rather than true demand returning,” said Gartner research vice president Bryan Lewis, in a statement on the new data.

As vendors used up their inventory in the fourth quarter of 2008, and into the first two months of 2009, component demand fell “significantly below” PC demand, driving down prices, according to Gartner, which expects component prices to stabilize through the year as inventories are refilled.