How do I fix LG 5K ultrafine display blackouts on Mac M1 Studio Max?

Since Apple closed all the on going posts about this issue, I wanted to share what I discovered on my LG 5K Ultrafine Thunderbolt monitor attached to my Mac M1 Studio Max. This took me months to figure out. I hope it works for you.

Step 1: download and install the LG Monitor software from the APPLE APP STORE. This is a tiny little App, but it facilitates firmware updates. Shut down your Mac.

Step 2: power your Mac on. Once on and the LG Monitor display is on as well, un-plug the display power and leave it off for 2 minutes or more. Be sure your Mac is still on while you do this. This resets the monitor.

Step 3: plug the monitor back in. Once the display is active, open the LG Monitor app. For me it immediately indicated a firmware update was needed. (It didn’t indicate this before the power reset). Follow the instructions and run the update. It takes about 5 minutes to download and install.

This completely eliminated the random, rolling blackouts I was experiencing. Even LG support didn’t offer a firmware update as a solution. I really hope this is an answer for many folks.

[Re-Titled by Moderator]