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Frequency times voltage squared and all. The chip is efficient because it's at the bottom of that curve, which is the same strategy we'll get industry-wide, even at HPC, once vertical circuitry becomes a thing.

If the Steam Deck ran at 500 MHz with twice the CUs it wouldn't consume the same power, it would be far more efficient (at the cost of extra die space due to the wider design). No mystery, really.