Both. I have most definitely seen performance start to decrease after all physical cause get used and SMT starts. It was not a contrived example, it was using

Both. I have most definitely seen performance start to decrease after all physical cause get used and SMT starts. It was not a contrived example, it was using MS SQL. Now to be fair I don't understand the mechanism behind this and it may have been to do with the machine being limited in (say) memory channels because somebody put together a very strange spec for the purchase, or any number of other reasons that I don't know of, but I did observe this consistently