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The very talk of space division multiplexing rather than time division multiplexing just sent a shiver down my spine.

Caches are going to get super thrashed in those situations and just cleaning and reloading for the next application will destroy performance.

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To play devil's advocate, that's because the cache of a modern processor is highly optimized for TDM, not SDM. Perhaps a redesigned cache hierarchy could resolve this problem (at the expense of awful TDM performance).

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