i believe it to be your power supply. i had the same issue and turned out to be my 12v rail that was dropping below 11v under high loads 50% and gpu lost display output and a simple restart fixed it. i was running some extension cables for the 24 pin atx and gpu and cpu power cables. after removing each one at a time testing in between i saw my 12v rail increase with each extension i removed. the largest increase i had was the 24 pin atx extension giving my 0.6v increase and fixed my issue.
Do you use extension cables? if not try a different certified cable or if under warranty, RMA it for a replacement![]()
GPU is back in my main system and running fine on an alternate PSU at the moment, so the litmus test will be when I swap the Corsair PSU back in, it's either been a complete aberration or as you say, the PSU failing to supply enough power. We shall see in about an hour

Edit:
No, no extension cables in use at all assuming you mean PSU extension and not wall socket extensions?