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Likely not. Even with earlier models performance may be finnicky: https://huggingface.co/docs/diffusers/optimization/mps

Additionally, for Apple Silicon you likely need 64 GB RAM (since CPU/GPU memory is shared) which is expensive.

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I have an M2 MBP with 64 GB RAM. Performance with the older models is very good in my opinion. It feels to run faster locally than DreamStudio. I don't have benchmarks, but in any case the performance is not bad.

I’ve had good results with SD1.4/2 with MPS acceleration on similar hardware (M1 Max, though with 64gb). No stability issues with MPS, either. I’d say don’t rule it out just yet.

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