The Intel Core Ultra 7 265K wins in 9 out of 16 comparable specs, with 4 ties. Its biggest advantage is NPU Performance (100% better).
Core i5-14500 wins in 3 specs (TDP: 48% better).
Recommendation
Choose Core Ultra 7 265K if you want the best overall performance — especially npu performance.
Choose Core i5-14500 if tdp matters more to you.
