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While Power11 doesn't appear to offer any more cores per socket than Power10, Big Blue says those cores are substantially more efficient. With the new chips, IBM is introducing the concept of resource groups, a firmware feature that aims to maximize utilization and increase performance without driving up energy consumption. The chips also feature an energy-saving mode that trades a little bit of performance for a 28 percent improvement in efficiency.
UPDATE: I have been advised by an anonymous individual with knowledge of the situation that a new Raptor announcement on products under development is scheduled for Q1 2026 ... which would be "six to twelve months after" as predicted. "Open firmware" is specifically mentioned and absolutely planned. It's worth pointing out that both Raptor and SolidSilicon are now listed as top-tier Platinum members for OpenPOWER parallel with IBM itself. That implies SolidSilicon is still in the mix and IBM is still backing OpenPOWER. They stressed this is not an official announcement, so you take it for what it's worth.]