Multi-chip module with integrated circuit chip having power-efficient hybrid circuitry

A multi-chip module (MCM includes a substrate and first and second integrated circuit chips disposed on the substrate. The second IC chip includes transceiver circuitry configured to communicate with the first IC chip. The transceiver circuitry includes transmit circuitry having an inverter circuit to generate a first signal for transmission to the first IC chip along a signaling link. The signaling link includes a line termination impedance. Receiver circuitry includes a receiver circuit to receive a second signal from the first IC chip along the signaling link concurrently with transmission of the first signal along the signaling link. Hybrid circuitry is coupled to the transmit circuitry and to the receiver circuitry. The hybrid circuitry is configured to cancel a received component of the first signal. The hybrid circuitry includes a replica termination impedance that is configured in an open state.