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tl;dr: The cause is the Single Thread Indirect Branch Predictors (STIBP) for cross-hyperthread Spectre mitigation on Intel processors.

I'm not sure why Michael thinks this is a surprise, performance regressions were practically on the box with these mitigations.

I don't get the general shock that people have over these mitigations slowing performance.

Yeah we're throwing out the cash more often, of course it's going to be slower.

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