diff --git a/arch/x86/events/intel/core.c b/arch/x86/events/intel/core.c
index eab0915f59951f2729d212bb96af76785360eff0..a74a2dbc01801a1ccc3c041a6037214c369957bb 100644
--- a/arch/x86/events/intel/core.c
+++ b/arch/x86/events/intel/core.c
@@ -3607,10 +3607,14 @@ __init int intel_pmu_init(void)
 
 	/*
 	 * Quirk: v2 perfmon does not report fixed-purpose events, so
-	 * assume at least 3 events:
+	 * assume at least 3 events, when not running in a hypervisor:
 	 */
-	if (version > 1)
-		x86_pmu.num_counters_fixed = max((int)edx.split.num_counters_fixed, 3);
+	if (version > 1) {
+		int assume = 3 * !boot_cpu_has(X86_FEATURE_HYPERVISOR);
+
+		x86_pmu.num_counters_fixed =
+			max((int)edx.split.num_counters_fixed, assume);
+	}
 
 	if (boot_cpu_has(X86_FEATURE_PDCM)) {
 		u64 capabilities;