That’s very helpful. Do you notice how much your FPS varies throughout that short video?
One thing that’s interesting is CE seems to lose focus to application shunts such as System and Desktop Windows Manager every 17 seconds, starting at 0:14. Each one of these blips correspond to a frame drop down to almost 0, with a ping of more than 600ms.
My suggestion at this point is to run the EVGA utility PrecisionX, and run it on your second monitor while playing. This utility comes with speedometer-like outputs, so it’s easy to see how this every-17-second process is affecting your video card.
When you’re done, please try limiting Conan Exiles to 60 frames per second in the Settings page. Play CE and see whether your GPU dials move the same way, once you’re gating framerate.
Finally, this is a longshot. One procedure call that does, in my experience, poll every 17 seconds is Terminal Services. Please check to see if you’re running Remote Desktop Services. If you are, try temporarily disabling Terminal Services and Remote Desktop. Alternatively, find the port corresponding to Terminal Services and map it to a new, unused port zone.