If I clear the TPM, what is lost? I don't understand what is considered encrypted data or keys to it.

Precautions to take before clearing the TPM

Clearing the TPM can result in data loss. To protect against such loss, review the following precautions:

Clearing the TPM causes you to lose all created keys associated with the TPM, and data protected by those keys, such as a virtual smart card or a sign-in PIN. Make sure that you have a backup and recovery method for any data that is protected or encrypted by the TPM.

Don't clear the TPM on a device you don't own, such as a work or school PC, without being instructed to do so by your IT administrator.

If you want to temporarily suspend TPM operations and you have TPM 1.2 with Windows 10, version 1507 or 1511, or Windows 11, you can turn off the TPM. For more information, see Turn off the TPM, later in this article.

Always use functionality in the operating system (such as TPM.msc) to the clear the TPM. Don't clear the TPM directly from UEFI.

Because your TPM security hardware is a physical part of your computer, before clearing the TPM, you might want to read the manuals or instructions that came with your computer, or search the manufacturer's website.

Membership in the local Administrators group, or equivalent, is the minimum required to complete this procedure.

(source- https://learn.microsoft.com/en-us/windows/secur...)

Hi, I'm Anvar, I'd be glad to help you today on this

By Clearing the TPM, you will lose all of the keys associated with the TPM and the data, such as the login PIN, smart card, and other data secured by those keys.

Before you clear the TPM, make sure to backup all data that is secured or encrypted by the TPM.

There are a few ways you can clear the TPM on your system. The guide below contains step-by-step instructions on how to do it.

https://blog.pcrisk.com/windows/13542-how-to-cl....

Note: This is a non-Microsoft website. The page appears to be providing accurate, safe information. Watch out for ads on the site that may advertise products frequently classified as a PUP (Potentially Unwanted Products). Thoroughly research any product advertised on the site before you decide to download and install it.

Hope this helps.