Spam is something that takes a factory less than a second to spit out.
Somewhere in-between, there’s a gray area. ‘Spam’ is in the eye of the beholder (nobody claims to produce spam) so where that is is a matter of taste.
For me, a cold email must have a human writer. That hour isn’t a strong boundary, but once you’re cold emailing ten different people an hour, I think you’re reaching spam country.
I also think there’s computer-produced emails that aren’t spam, but I can’t think of any I would call “cold email”.