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Power cycling.....Could be absolutely anything if there is no water damage. Inspect for corrosion or damaged/missing parts. This kind of behavior usually does not "just" happen.
Why would U8170 be responsible, it is just SLP_S5 cycling? The whole board is power cycling and this could be anything. Unless you can find a clue this thing will be a nightmare.
The whole board isn't power cycling. PP5v_S5 (and the 3v lines) is rock solid stable, only PP5v_S4 and onwards are cycling.
The power going into U8170 is stable, but the PP5v_S4_EN coming out is going up and down.
If the board keeps loosing the 5v_S4_EN signal, wouldn't this cause the 5v power rails above S4 to keep dropping out?
Yes that is called power cycling. S5 is of course fine. My verdict still stands, this board is a rabbit hole without any clues to what happened. Could be corrupt BIOS if you want to try that, backup the original!
I have no idea. If Vcore is pulsing too then it could be about anything. Check termination resistors to U6100 and see if power good signal comes from U1950.
ALL_SYS must be present else there would be no fan spin or Vcore even. This could be anything at this point. Only things I can say is to inspect for corrosion again and missing/damaged parts. I doubt this "just" happened in the cupboard.