Somebody brought it to my attention my YouTube video was posted earlier in this thread. After reading through it I do have a few answers based upon my hands-on research.
First off, the MacBook Air M1 (and probably every other M1 based Mac since they're all higher end) can output 4K144 HDR using DSC (Display Stream Compression) on a compatible external monitor. This must be preformed using the right DisplayPort cables. Also, certain hubs work as well. I will list some below that I have personally verified as working. Also, once you have any configuration below hooked up in clamshell mode, you may have to type on the keyboard to wake up the external monitor.
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USB-C to DisplayPort Cable:
Compatible Devices (NOT A FULL LIST): Mac & PC: Apple MacBook Pro (Late 2016 and newer), MacBook (Early 2015 and newer), MacBook Air (Late 2018 and newer) iMac (Mid 2017 and newer), iMac Pro, Mac Mini (Late 2018 and newer) Surface Book 2, Surface Go; Google Chromebook Pixel (2015), PixelBook, Pix...
www.amazon.com
Typically if it shows as transmitting "8K60" it has enough bandwidth for 4K144 HDR, but the above cable works for sure.
Thunderbolt 4 to Thunderbolt 4 Hub:
Add three Thunderbolt 4 (USB-C) and one USB 3.2 Gen 2 Type-A port to your Mac or PC and connect more storage, displays, and accessories.
eshop.macsales.com
Plug this into your MacBook Air M1 (or other M1 based Mac), then use the cable above to get to the external monitor. Just tried this tonight and it works, though if it doesn't give you the HDR option plug the monitor DP cable in again, or move it to one of the other two ports, and that seems to fix it. Again, this will pass-through 4K144 HDR, just might have to jiggle the handle a bit. Also, I'm hoping other high bandwidth devices won't grab too much bandwidth and reduce your refresh or take away HDR. But I lack any to test with.
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USB-C to DisplayPort Hub:
Cable Matters USB C Multiport Adapter (USB C Hub DisplayPort 1.4), 2X USB 2.0, 480Mbps Ethernet, and 100W Charging in Black - Thunderbolt 4 / USB4 / Thunderbolt 3 Port Compatible with MacBook Pro
www.amazon.com
While the hub will spit out a 4K144 HDR signal over DisplayPort, please note the other ports consist of only 100Mbps ethernet, USB 2.0, and some type of USB-C port you'll probably connect a charging cable to. Seems a huge chunk of this device's bandwidth is saved for the 4K144 HDR.
DisplayPort to DisplayPort:
JSAUX 8K DisplayPort Cable 1.4, DP Cable 6.6ft(8K@60Hz, 2K@240Hz, 4K@144Hz, 32.4Gbps), Display Port to Display Port Cable 1.4 (DP to DP Cable) Compatible for Gaming Laptop TV PC Computer Monitor-Grey
www.amazon.com
This is the cable you'd use with the hub listed directly above.
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Concerning 4K60 HDR over an HDMI Cable.
HDMI 2.0 supports 4K60.
HDMI 2.0a supports 4K60 HDR.
HDMI 2.0b supports extra HDR formats.
Most of you probably have drawers filled with plain old HDMI 2.0 cables. But you'll need at least a 2.0a cable for HDR, and possibly 2.0b if your external screen is extra picky. In any event, the USB-C to HDMI cable below doesn't mention whether it's the a or b version (most don't), but I'm using it as I type this, and it gives me 4K60 HDR on my extremely awesome LG 27GN950-B monitor.
USB-C to HDMI 2.0a(or b?)
usbc hdmi cable adapter hdmi to usbc cable 6ft mac to hdmi 60hz cable usb c to hdmi with hdr adapter s10 hdmi adapter hdmi to usb c converter hdmi to usbc converter usbc to hdmi adapter cable 3ft mhl to hdmi cable adapter
www.amazon.com
Please note I've had some of the issues mentioned in other posts where my screen will go blank and do other weird things from time to time while using 4K60 (with or without HDR) over HDMI. I believe this is due to a HDMI driver or HDMI firmware bug(s) specifically, or else everything else plugged into the MacBook Air's Thunderbolt ports would be going nuts. Until this is fixed (if ever) I'd strongly advise to use the DisplayPort based methods for HDR instead.
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I tried to keep things short here, and just brain dumped the basics I've learned. I'll be checking back, so feel free to ask any questions.