Meltdown and Spectre are attacks that exploit side channels in CPUs to access restricted memory or data. Meltdown allows reading kernel memory from user programs by exploiting out-of-order execution. Spectre tricks other programs into accessing arbitrary locations using speculative execution and cache timing. Both vulnerabilities are difficult to fix as they are hardware issues, requiring OS workarounds like KASLR and restricting access to kernel memory from user programs. Spectre variants have also been discovered affecting Intel, ARM, and other chip makers.