What does x8 vs x16 mean? (Reffering to PCIE slots for SLI)

ImNewToThis

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I'm currently looking for a z97 motherboard for my new build. I planned on getting the MAXIMUS VII Formula for it, but I recently saw that 2 of the pcie slots only run at up to x8 in dual sli. I'm new to this, so I honestly have no idea what that means. Is x8 mode just how dual SLI runs or does it hinder performance compared to single gpu x16? I plan on starting out with an MSI GTX 970 (4gb Twin Frozr) and upgrading soon after by adding another. Also, as for the board itself, I was confused about which slots run at x16. I know two of them do, but the three slots are identical; so I'm not sure which one to use!
Sorry for the noob questions, your help is greatly appreciated! :D
I also saw that the Gigabyte Z97x Gaming Gt has 4 of the same slots that can run dual sli at x16,x0,x16,x0. Would this perform better than the MAXIMUS's sli which runs 2 slots at 8x?
 
Solution
The numbers just means how many lanes are available to use. Just think of it like lanes on a highway - more lanes = more data.

When you use one card it's x16 because the mobo can dedicate all the lanes to that one card. When you add in another card you only have enough resources to use 16 lanes per card so it gets limited to 8 lanes per card.

Doesn't affect performance much though.
The numbers just means how many lanes are available to use. Just think of it like lanes on a highway - more lanes = more data.

When you use one card it's x16 because the mobo can dedicate all the lanes to that one card. When you add in another card you only have enough resources to use 16 lanes per card so it gets limited to 8 lanes per card.

Doesn't affect performance much though.
 
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ImNewToThis

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Hmm, thanks for your answers. Just wondering, what's the performance difference of running a 2 way sli in 2 x16 slots versus running it in 2 x8 slots? I'm a bit confused because Viet said there's a slight difference, and Red said that there isn't a difference. if there is a difference, could you specify it with a benchmark or by some other way perhaps?