I did a git-bisect between 4.14.18(bad) and 4.14.10(good).
Unsurprisingly, this is the first "bad" commit:

  KVM/VMX: Allow direct access to MSR_IA32_SPEC_CTRL

  commit d28b387fb74da95d69d2615732f50cceb38e9a4d


George

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https://bugs.launchpad.net/bugs/1788665

Title:
  Low 2D graphics performance with Windows 10 (1803) VGA passthrough VM
  using "Spectre" protection

Status in QEMU:
  New

Bug description:
  Windows 10 (1803) VM using VGA passthrough via qemu script.

  After upgrading Windows 10 Pro VM to version 1803, or possibly after
  applying the March/April security updates from Microsoft, the VM would
  show low 2D graphics performance (sluggishness in 2D applications and
  low Passmark results).

  Turning off Spectre vulnerability protection in Windows remedies the
  issue.

  Expected behavior:
  qemu/kvm hypervisor to expose firmware capabilities of host to guest OS - see 
https://docs.microsoft.com/en-us/virtualization/hyper-v-on-windows/CVE-2017-5715-and-hyper-v-vms

  Background:

  Starting in March or April Microsoft began to push driver updates in
  their updates / security updates. See https://support.microsoft.com
  /en-us/help/4073757/protect-your-windows-devices-against-spectre-
  meltdown

  One update concerns the Intel microcode - see
  https://support.microsoft.com/en-us/help/4100347. It is activated by
  default within Windows.

  Once the updates are applied within the Windows guest, 2D graphics
  performance drops significantly. Other performance benchmarks are not
  affected.

  A bare metal Windows installation does not display a performance loss
  after the update. See https://heiko-sieger.info/low-2d-graphics-
  benchmark-with-windows-10-1803-kvm-vm/

  Similar reports can be found here:
  
https://www.reddit.com/r/VFIO/comments/97unx4/passmark_lousy_2d_graphics_performance_on_windows/

  Hardware:

  6 core Intel Core i7-3930K (-MT-MCP-)

  Host OS:
  Linux Mint 19/Ubuntu 18.04
  Kernel: 4.15.0-32-generic x86_64
  Qemu: QEMU emulator version 2.11.1
  Intel microcode (host): 0x714
  dmesg | grep microcode
  [    0.000000] microcode: microcode updated early to revision 0x714, date = 
2018-05-08
  [    2.810683] microcode: sig=0x206d7, pf=0x4, revision=0x714
  [    2.813340] microcode: Microcode Update Driver: v2.2.

  Note: I manually updated the Intel microcode on the host from 0x713 to
  0x714. However, both microcode versions produce the same result in the
  Windows guest.

  Guest OS:
  Windows 10 Pro 64 bit, release 1803

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