diff --git a/kernel/sched/core.c b/kernel/sched/core.c
index 091e089063be..6fedf3a98581 100644
--- a/kernel/sched/core.c
+++ b/kernel/sched/core.c
@@ -5738,15 +5738,10 @@ int sched_cpu_activate(unsigned int cpu)
 
 #ifdef CONFIG_SCHED_SMT
 	/*
-	 * The sched_smt_present static key needs to be evaluated on every
-	 * hotplug event because at boot time SMT might be disabled when
-	 * the number of booted CPUs is limited.
-	 *
-	 * If then later a sibling gets hotplugged, then the key would stay
-	 * off and SMT scheduling would never be functional.
+	 * When going up, increment the number of cores with SMT present.
 	 */
-	if (cpumask_weight(cpu_smt_mask(cpu)) > 1)
-		static_branch_enable_cpuslocked(&sched_smt_present);
+	if (cpumask_weight(cpu_smt_mask(cpu)) == 2)
+		static_branch_inc_cpuslocked(&sched_smt_present);
 #endif
 	set_cpu_active(cpu, true);
 
@@ -5790,6 +5785,14 @@ int sched_cpu_deactivate(unsigned int cpu)
 	 */
 	synchronize_rcu_mult(call_rcu, call_rcu_sched);
 
+#ifdef CONFIG_SCHED_SMT
+	/*
+	 * When going down, decrement the number of cores with SMT present.
+	 */
+	if (cpumask_weight(cpu_smt_mask(cpu)) == 2)
+		static_branch_dec_cpuslocked(&sched_smt_present);
+#endif
+
 	if (!sched_smp_initialized)
 		return 0;