IHS iSupply, however, isn't seeing that. And analysts there say the lagging PC market is largely to blame.

"The overall PC industry is challenged right now, including PC makers, distribution channels and component suppliers," said Patrick Moorhead, an analyst with Moor Insights & Strategy. "This PC slowdown couldn't have come at a worse time, given the close proximity to the holiday selling season, where 50% of all consumer PCs are sold."

Rob Enderle, an analyst with the Enderle Group, noted that many PC makers may have scaled back production as they nervously wait to see whether Microsoft's Windows 8 operating system will be popular with buyers. That, he said, is one of several issues affecting the PC market, and hence the chip market, as well.

"It's the combination of tablets and an existing slowdown prior to a new OS," said Enderle. "The difficulty is that Microsoft's demand-generation program for Windows 8 hasn't kicked off yet, so no one is seeing demand for that product. If you look into the market, no one, not even Apple, is pushing traditional computers now and consumer buying continues to decline."

Not all is bleak, however.