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Defines how the CPU implements the ISA internally: pipelines, execution units, caches, reorder buffers, branch predictors, register files, etc.
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Two CPUs can share the same ISA but have completely different microarchitectures.
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This is the level that actually includes:
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pipelines
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out-of-order execution
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branch prediction
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caches
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execution units
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reorder buffers
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ยตop translation
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Example
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Same ISA, but internally they are very different machines; they have different pipelines, use different branch predictors, have different cache hierarchies.
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x86-64:
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Intel Skylake
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AMD Zen
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ARM:
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Cortex-A78
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Apple M1
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RISC-V
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Rocket
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BOOM
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Microarchitecture