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Carrier multiplication (CM) is an effective mechanism that makes it possible to use hot carriers (HCs) to bypass the Shockley-Queisser limit for solar-cell efficiency. In this paper, we present a detailed study of both CM and HC cooling dynamics in quantum-confined CsPbI3 perovskite nanocrystals (NCs), using femtosecond transient absorption spectroscopy. Our results show that barrierless CM, with an efficiency exceeding 90%, can be achieved in strongly confined NCs on a time scale of ≪200 fs. A low CM efficiency (∼40%), however, is obs