How can I connect to an external monitor and charge my Macbook Pro with one wire? I have a 2020 Macbook Pro (with the M1 chip). I also recently got an ASUS ProArt display which has an HDMI port, Display Port and some USB ports.
I wanted to see if it's possible to connect the external monitor as a second screen, while also charging my Macbook using the same wire.
I understand that I need a hub of some sort and a wire that can handle both tasks.
What are the specifications for hardware that would allow me to connect one cable to my M1 Mac and have power and a display share a cable?
In general the cleanest solution to achieve this is usually a USB-C/Thunderbolt 3 monitor. These connectors not only have capacity for the video signal, but also feature power and USB passthrough to the MacBook.
If you don't have a USB-C/Thunderbolt 3 capable monitor, you would need to get a separate USB-C Hub or docking station. They usually not only feature a video output (usually HDMI), but also USB and SD card slots, sometimes even Ethernet. Yet, be careful: although USB-C is fast (5Gb/s) it is limited, i.e. if you connect 3 external SSDs, a 4K monitor and want 1Gb/s Ethernet, that's obviously not going to work.

You mention you have an ASUS Pro Art display. Without knowing the exact model, on ASUS website they are all featured as either USB-C or Thunderbolt 3 capable, so you should actually be able to only plug one Thunderbolt 3/USB-C cable into your M1 Mac and be ready to go. Some of them even feature a USB-Hub, which means there are some old-style USB-A ports on the monitor which will also be passed through via the USB-C/Thunderbolt connector to your MacBook. Even further some allow daisy chaining, so you can connect another Thunderbolt device to the monitor and use that as well.

Read more about the difference between Thunderbolt 3 and USB-C.