I hadn't seen that nvme switch, it looks pretty sweet. Will have to keep it in mind for future builds.
Bitcoin IBD is I/O intensive both on the network and with random read/write patterns to disk during verification. If you're sync'ing from another node over 10Gb than the network is not the issue.
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Then perhaps it’s an iops issue. In my pea-brain, I was thinking reading/writing was more sequential than random, but relatively few large files is just the end result, not necessarily reflective of the process to get to that point.