This claim boils down to a parallel optical transceiver that is first to boast the capability of transferring one trillion bits (1 Tbps or about 116.4 GBps). According to IBM, the chip is about eight times faster than any parallel optical component that is available today and delivers a 100,000 times the "raw" speed that is equivalent to the bandwidth that is typically consumed by end users today (10 Mbps).
IBM said that key to improving the speed of the chip was adding 48 holes (optical vias) to a standard 90 nm CMOS, which provides access to 24 receiver and 24 transmitter channels. The fact that it is based on optical communication features gave the chip its name - the Holey Optochip. IBM says the 5.2 mm x 5.8 mm chip can be fabricated using today's silicon manufacturing techniques, which gives the technology instant scale. Apparently the chip is also very power-efficient at a power consumption of just 5 watts.
There was no information when or if this chip will be put into production.