diff --git a/arch/x86/kvm/pmu.c b/arch/x86/kvm/pmu.c
index 02f9e4f245bd0..390d697efde14 100644
--- a/arch/x86/kvm/pmu.c
+++ b/arch/x86/kvm/pmu.c
@@ -106,9 +106,19 @@ static inline void __kvm_perf_overflow(struct kvm_pmc *pmc, bool in_pmi)
 		return;
 
 	if (pmc->perf_event && pmc->perf_event->attr.precise_ip) {
-		/* Indicate PEBS overflow PMI to guest. */
-		skip_pmi = __test_and_set_bit(GLOBAL_STATUS_BUFFER_OVF_BIT,
-					      (unsigned long *)&pmu->global_status);
+		if (!in_pmi) {
+			/*
+			 * TODO: KVM is currently _choosing_ to not generate records
+			 * for emulated instructions, avoiding BUFFER_OVF PMI when
+			 * there are no records. Strictly speaking, it should be done
+			 * as well in the right context to improve sampling accuracy.
+			 */
+			skip_pmi = true;
+		} else {
+			/* Indicate PEBS overflow PMI to guest. */
+			skip_pmi = __test_and_set_bit(GLOBAL_STATUS_BUFFER_OVF_BIT,
+						      (unsigned long *)&pmu->global_status);
+		}
 	} else {
 		__set_bit(pmc->idx, (unsigned long *)&pmu->global_status);
 	}