It's important to remember that core binning, voltage and PWM design have a huge impact upon overall TDP. Meanwhile, all of those PLUS heatsink performance / core heat has a profound effect upon power consumption.
The way I think of it is that NVIDIA can very well reduce core and memory voltage on hand-picked GPUs while implementing a high-end PWM design. This could in effect allow them to reduce per-GPU power consumption by a large amount.
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