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This is not entirely dissimilar to what Cerebus does with their weights streaming.

And IIRC the Unreal Engine Matrix demo for PS5 was streaming textures directly from SSD to the engine as well?

Yeah, also "RTX IO", and Microsoft "DirectStorage".

What was more interesting about the unreal engine demo, was that they can stream not only textures, but geometry too.

Virtual texturing had been around a long time, but virtual geometry with nanite is really interesting.