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The Core i7 line (now branded Core Ultra 7 on current-generation Arrow Lake) is Intel's high-end mainstream desktop tier. It gives you most of the flagship's gaming performance and enough multi-core muscle for editing, 3D and heavy multitasking, at a lower cost than the i9 or Core Ultra 9. The right chip depends on your workload, the socket your motherboard uses, and how much cooling you can fit.
For pure gaming at high refresh rates a Core Ultra 7 is usually more CPU than you need paired with a strong GPU, so the graphics card should get the larger share of your budget. For streaming, video editing, rendering or code compilation, the extra cores earn their keep. Note one important change: current Core Ultra chips no longer use Hyper-Threading, so their thread count equals their physical core count, while older Core i7 parts split each Performance core into two threads.