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Hi,
Have you tried resetting Premiere preferences?
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Can you Try creating a new sequence and copy/paste the clips there? I hope that will work, but if that not work, make a new project and import the sequences you need from the previous project to the new one.
Hope it will help
Here is the same problem https://community.adobe.com/t5/premiere-pro-discussions/run-out-of-application-memory-2022-m1-max/td...
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