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Modern computing systems suffer from the dichotomy between computation on one side, which is performed only in the processor (and accelerators), and data storage/movement on the other, which all other parts of the system are dedicated to. Due to this dichotomy, data moves a lot in order for the system to perform computation on it. Unfortunately, data movement is extremely expensive in terms of energy and latency, much more so than computation. As a result, a large fraction of system energy is spent and performance is lost solely on moving data in a modern computing system.
Mutlu et al. (Thu,) studied this question.