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As for cache side channels, they suck but are merely an attack vector. That you need a way to exploit the bug doesn’t mean the exploit vector is the core problem, there are too many potential other ways to leak data
Yes, the issue is that nobody considered the existence of those side channels. This whole saga is basically CPU manufacturers discovering that timing side channel attacks apply to them as well.
Once you consider that, the entire presumed security model of modern speculative execution crumbles. HT was always broken (it's weird nobody has panicked over it earlier - you can attack HT *without* any speculation), but this is new.
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