The GPU is busy 99% of the time. Its memory is busy 22%.
GLM-5.3-Flash (320B open-weight MoE) on 8× H100. Its native MTP head gives 2.04× on a single stream with a synthetic prompt and 1.52× per task in an agent loop. Without speculation, each decode step is about 1,700 small kernels, and single-stream decode runs at about 13% of the bandwidth floor.