For performance gains modern CPUs often execute instructions out of order to make maximum use of the available silicon (including memory read/writes). Because the hardware enforces instructions integrity you never notice this in a single thread of execution. However for multiple threads or environments with volatile memory (memory mapped I/O for example) this can lead to unpredictable behavior.
A memory fence/barrier is a class of instructions that mean memory read/writes occur in the order you expect. For example a 'full fence' means all read/writes before the fence are comitted before those after the fence.
Note memory fences are a hardware concept. In higher level languages we are used to dealing with mutexes and semaphores - these may well be implemented using memory fences at the low level and explicit use of memory barriers are not necessary. Use of memory barriers requires a careful study of the hardware architecture and more commonly found in device drivers than application code.
The CPU reordering is different from compiler optimisations - although the artefacts can be similar. You need to take separate measures to stop the compiler reordering your instructions if that may cause undesirable behaviour (e.g. use of the volatile keyword in C).
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