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the-pi-guy said:

Your first paragraph is fine enough, but it is missing some very important things.  

The key item that is missing is the fact that "The powers that be" at MS wanted ONE DIE. Going the ddr3 path, the better (but more expensive) solution would have been to go (CPU+GPU)die + daughter die with 64-128Mbyte embedded dram. Since everything had to go into one die, and TSMC does not have the technology for28nm on-die edram, the path was cpu+gpu+esram. Since esram is rather large, it was capped to 32Byte.