Comment by yvdriess

I would not disregard that direction. Architectures that do well on pointer chasing have been attempted in the past (e.g. Cray XMT) and are cropping up in prototypes (PIUMA https://arxiv.org/abs/2010.06277) and startups. The caveat is that latency is hidden with massive amounts of parallelism.

edit: To be clear, I agree with the sentiment that the paper abstract machine models are inadequate in most practical cases. There are workloads where you're dealing with asymptotically large datasets, such as genome assembly and analysis. Even there, the RAM model is abstracting away the bottlenecks of modern computer systems.