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Yes and no. Of course CPU speed still matters, but if you simply look at that number in isolation, it means very little. It tells you how quickly the is performing a clock cycle or step, but not how efficient the CPU is or what is taking place in each step. How many instructions are being performed each cycle, for example? In fact, not single number really tells the entire story. Yes, the number of cores and the clock speed does give an indication, of course. The best way to gauge the performance of any given CPU is to look at benchmarking.