tl;dr: x86 processors have an ancient feature (unused by now) that allows to move the memory window of the APIC registers to an arbitrary address. By moving this window, it is possible to circumvent built-in hardware security checks and access the highly privileged System Management Mode (Ring -2) from Ring 0 Code.
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[ 29.6 ms ] story [ 799 ms ] threadAs for why it stuck around until now: backwards compatibility + that CPUs are rather rarely constructed from scratch, rather evolved upon.
No, they just added security checks.
https://www.reddit.com/r/netsec/comments/3fz6z6/blackhat_usa...
https://news.ycombinator.com/item?id=10024324
https://news.ycombinator.com/item?id=10020134
https://news.ycombinator.com/item?id=9663249