This does not seem to be malware, rather a detected high memory usage.
Related thread on Microsoft Answers Site
On the graph, note that spikes of GPU system memory allocation are gone once Aero was automatically disabled.
Here's Process Explorer's GPU tab on my PC
For the record, I am running i7 and AMD Radeon HD 4600 with latest and greatest public drivers on Windows 7 x64 (Build 7601 : SP1).
These effects have been observed with the fancy Bing Desktop app, as well with canned Windows 7 Aero theme. I also see these effects with a Solid Color as desktop background, as long as Aero is running. Turn Aero off, and all notifications are magically gone.
See a follow-up question if you know how to do this.See a follow-up question if you know how to do this.
EDIT At this point I know that Mozilla Nightly x64 15 (alpha) was causing this. I opened dwm.exe process and saw spikes when I was scrolling around in the browser. This is not happening with Mozilla Firefox 12 32-bit (spikes are smaller, message does not pop up).