1. A system, comprising: a central processor (CP) to execute a first application and a second application; a graphics processor (GP) communicatively coupled to the CP and including one or more GP resources, the GP to receive from the CP a first workload originated by the first application and a second workload originated by the second application; an electronic memory communicatively coupled to at least the GP, and to store a first application-specific graphics processor (GP) context in association with the first application, the first GP context specifying a first hardware configuration of the GP resources, and to store a second application-specific GP context in association with the second application, the second GP context specifying a second hardware configuration of the GP resources; and wherein the CP or GP includes power management logic to: configure the GP resources into the first hardware configuration, as specified by the first GP context in response to the origin of the first workload being the first application; and wait for the GP resources to process the first workload while in the first hardware configuration; configure the GP resources into the second hardware configuration, as specified by second GP context, in response to the origin of the second workload being the second application; and wait for the GP resources to process the second workload GP while in the second hardware configuration.