@0x0ddc0ffee @drscriptt Per https://tacobelllabs.net/@arrjay/113105614521811597 desktops handle this in the PCH. I suspect the core handling is there even on servers with a BMC and the BMC talks to the PCH over the 1x PCI lane shown in the diagram. I think BMC management via shared NICs is lower level (and weirder) than the PCH, but really you want dedicated and thus separately powered management NICs.
(Powering the BMC portion of the board must also be fun times. Hopefully it's very low power.)