This paper presents an analysis of the fundamental limits on energy efficiency in both digital and analog in-memory computing architectures, and compares their performance to single instruction, single data (scalar) machines specifically in the context of machine inference. The focus of the analysis is on how efficiency scales with the size, arithmetic intensity, and bit precision of the computation to be performed. It is shown that analog, in-memory computing architectures can approach arbitrarily high energy efficiency as both the problem size and processor size scales.