1. To crash or blow up, usually spectacularly. "The new version smoked, just like the last one." Used for both hardware (where it often describes an actual physical event), and software (where it's merely colourful).
2. [Automotive slang] To be conspicuously fast. "That processor really smokes." Compare magic smoke.
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Nearby terms: SML/NJ « SMM « SMNP « smoke » smoke and mirrors » smoke-emitting diode » smoke test