https://gcc.gnu.org/bugzilla/show_bug.cgi?id=87444

--- Comment #1 from Uroš Bizjak <ubizjak at gmail dot com> ---
This is by design.

A comment in driver-i386.c says:

  /* Let the L3 replace the L2. This assumes inclusive caches
     and single threaded program for now. */
  if (level3.sizekb)
    level2 = level3;

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