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Quick Answer
The i7-14700K is overkill for pure 1440p gaming, but it is a solid choice if you multitask or plan to keep your PC for 4+ years. For gaming alone, the i5-14600K delivers within 2-3% of the performance at a much lower price.
The i7-14700K offers 20 cores (8P+12E) and 5.6 GHz boost clocks. For 1440p gaming, most of these cores sit unused, but there are scenarios where the extra power helps.
The difference is 2-4 fps on average - not perceptible during gameplay.
If you stream, record gameplay, have Discord running, and keep 30 browser tabs open, the 14700K's extra cores prevent any performance hitches. The i5 handles this too, but with less headroom.
Games are gradually using more threads. The 14700K's 20 cores may age better than the 14600K's 14 cores over the next 4-5 years. However, by then you will likely want a new platform regardless.
The i5-14600K or Ryzen 7 7800X3D are better value for 1440p gaming. The 7800X3D is actually faster in many games thanks to V-Cache while costing less than the 14700K.
Our Verdict
The i7-14700K is more CPU than you need for 1440p gaming. An i5-14600K or Ryzen 7 7800X3D delivers nearly identical gaming performance and better value. Choose the 14700K only if you genuinely need the extra cores for productivity.