Intro to cybersecurity - Spectre and Meltdown

1) What is Spectre? 2) What is Meltdown? 3) What is affected by Spectre and Meltdown? 4) At a high level, how does Spectre work? 5) At a high level, how does Meltdown work? 6) Are the faults exploited by Spectre and Meltdown in hardware or software? 7) How broadly spread is the impact? 8) How did vendors respond? Were patches issued? 9) Are cloud computing services also affected? 10) Does buying anything new help, or is it still affected?