This shortcut was discovered by Forest64, July 2021. It works by very precisely skipping over the hitboxes of the walls from one frame to the next.
Forest's TAS video
Forest's explanation video
abney317 2'11"52 / 40.38 PAL run
BC Shortcut Leaderboards
Community Attempt Hours Spreadsheet
How much time does this save?
Just a couple seconds on the lap
How precise is this?
Not as precise as the KD fence clip but harder to pull off than the Mario Raceway wall clip.
Is there a setup?
You could stop and setup and have much better chances to hit this, but it would be slower than driving around non-shortcut.
Is this the same shortcut the CPUs sometimes do?
No. The CPUs can just drive through any wall, so if they spinout at the stop of the stairs, they'll go flying through if you aren't driving close to them.