> And it takes no space or effort to predict never taken branches.

Is that actually true, given that branch history is stored lossily? What if other branches that have the same hash are all always taken?

A BPU needs to predict 3 things:

  - 1) Is there a branch here?
  - 2) If so, is it taken?
  - 3) If so, where to?

Of course, (1) and (3) are very important, so you pick your hashes to reduce aliasing to some low, but acceptable level. Otherwise you just have to eat mispredicts if you alias too much.

Note: (1) and (3) aren't really functions of history, they're functions of their static location in the binary (I'm simplifying a tad but whatever). You can more freely alias on (2), which is very history-dependent, because (1) will guard it.