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Intel announced that it would cut the price of about a dozen processors, including its Core 2 Quad Processor Q6700 and the Intel Xeon X3230.

The company also noted that the price of its Core 2 Duo E6850 chips was cut by 31-percent drop and Celeron 430 by 23 per cent.

This is bad news and a direct challenge to AMD, whose market segment is mainly in the low-end cost sector. However, this may be good news for consumers- as the economy sluggishly lurches to the end of the financial season, prices for PCs, notebooks and other electronic gadgets may well be on the way down.