Intel, AMD and Nvidia have all been downgraded by Citigroup analyst Glen Yeung, claiming that a turn away from the PC towards mobile systems are significantly affecting these companies.

Yeung described how the rise of mobile applications has taken significant business away from PC companies, and that he did not expect the release of Windows 8 to reverse this change.

Yeung said in a report by Wall Street Cheat Sheet. “our downgrade today reflects our checks in Asia that stoke our concerns that the intermediate term prospects for PC’s do not look optimistic".