I just built a new 7820x system, CPU z and Intel ETU both show it running at 1.2GHz even when stress testing. I do see Current Limit Throttling flash yes when benchmarking or stress testing with ETU. This is much worse than my 4770k that I upgraded from. CPU is running at 25c.
I don't know a lot about overclocking, using ETU, I adjusted the core ratio to 36 and it's still stuck on 1.2GHz, even under stress test or benchmark.
Corsair 750w PS
Corsair Hydro H100i v2
MSI x299 Raider
G.skill ripjaw DDR4 3200
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Is the BIOS of the motherboard updated?
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Could you help us with the following troubleshooting steps?