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Almost entirely heat. the reason pue is separate from the efficiency of the computation is mostly because one is a datacenter engineering question. You can improve them independently.

Gflops per watt is also really important, but that's more in Intel/and/Nvidia's hands.

Application ops/w is also also important, and that combines the system efficiency and the code efficiency.

A key thing is that each of these evolves on different time scales. When you build a datacenter it lasts for multiple generations of processors. Hence PUE.



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