Equation 9 · How AI Datacenter Interconnects Actually Work
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subscript
subscript
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Modern high-rate Ethernet lanes use PAM4 modulation: instead of encoding one bit per symbol as ordinary NRZ signaling does, PAM4 uses four distinct voltage levels to encode two bits per symbol, so a lane’s bit rate runs at twice its baud (symbol) rate rather than matching it one for one. Writing for the symbol rate and for the resulting line rate,
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