With last year's biggest revelations being the entirety of Vault 7 and the Equifax breach, we're starting off this year with a two exploits (though divided into three vulnerabilities) ranging about 20 years of CPUs.
Article Dump:
Official Meltdown and Spectre Exploit Website
Includes Q&A, CVEs, and academic papers
Google Project Zero write up on Meltdown and Spectre
Written by one of the researchers that found both exploits
The Register - Kernel-memory-leaking Intel processor design flaw forces Linux, Windows redesign
Ars Technica - What’s behind the Intel design flaw forcing numerous patches?
Meltdown explanation in layman's terms
Wired - A Critical Intel Flaw Breaks Basic Security for Most Computers
Why Raspberry Pi isn't vulnerable to Spectre or Meltdown
Includes layman's explanation of speculative execution
Meltdown in Action: Dumping memory
Meltdown demo - Spying on passwords
Official responses from various companies
Intel
AMD
ARM
Microsoft
Amazon Web Services
Google
Android Security Bulletin
Linus Torvalds doesn't like Intel
A valid complaint given that Intel thinks its ok that malicious actors can only read memory
LLVM's work in progress Spectre patch for variant 2
Important information about Microsoft Meltdown CPU security fixes, antivirus vendors and you
Basic ways to exploit these vulnerabilities:
With Spectre, an attacker can put malicious JS on a website, allowing them to read all browser memory including form data such as passwords, cookies, session tokens, and encryption keys.
Similar approach can be used with Java in a sandbox.
With Meltdown, an attacker can host software in some cloud environment to read memory form the host machine. Any data hosted on that server can then be read.
tl;dr:
Two major CPU vulns just went public
Exploitable CPUs allow attackers to read memory of processes currently
Meltdown is exploitable on Intel CPUs while Spectre is exploitable on Intel, AMD, and ARM CPUs
Meltdown is not yet verified to work on AMD or ARM CPUs
Spectre is likely to affect all modern multithreading CPUs
It is unclear if this exploit has ever been used publicly before now
Patches have been put out for the Linux kernel, Windows, OSX, and Android but only for Meltdown so far
LLVM have a work in progress patch for one of Spectre's two variants
Expect lots of recompiling soon
Patches are software to fix a hardware issue. This isn't going to be properly solved until a couple years down the line with a redesigned CPU generation.
Performance hits are expected, and further performance hits are expected when the Spectre patches roll out
Ballpark 5 to 30% performance decrease for Intel CPUs
This primarily affects system calls, not computation, meaning that things like rendering or gaming shouldn't be affected in any substantial way.
Expect the largest performance hits on VM software that use Hyper-V or docker containers
Likely not an NSA or CIA backdoor because it would still affect their own hardware as much as anyone else
As per usual, encrypt your data and use stuff like NoScript.
As long as you keep up to date with software patches, the average user shouldn't be alarmed.
BUT FUCKING UPDATE YOUR SHIT