The term "thrashing" was used when i was studying cs in college in the 1970s to describe the…
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The term "thrashing" was used when I was studying CS in college in the 1970s to describe the working set becoming so large relative to main memory that the computer spent all its
time paging and none of it getting useful work done. I suspect you are correct that with a fast enough paging device (an SSD one wasn't worried about wearing out) a far larger ratio of
virtual memory to physical memory size doesn't thrash, and that that is what makes the M1 viable for nontrivial workloads. But there will still be a working set size above which that
fixed (presumably HBM) physical memory size is insufficient to hold the working set and thrashing will occur.