• MIPS stands for "millions of instructions per second" and is a rough measure of the performance of a CPU. Modern CPUs can do so many different things that MIPS ratings lose a lot of their meaning, but you can get a general sense of the relative power of the CPUs from this column.
From this table you can see that, in general, there is a relationship between clock speed and MIPS. The maximum clock speed is a function of the manufacturing process and delays within the chip. There is also a relationship between the number of transistors and MIPS. For example, the 8088 clocked at 5 MHz but only executed at 0.33 MIPS (about one instruction per 15 clock cycles). Modern processors can often execute at a rate of two instructions per clock cycle. That improvement is directly related to the number of transistors on the chip and will make more sense in the next section.
WHAT'S A CHIP?
A chip is also called an integrated circuit. Generally it is a small, thin piece of silicon onto which the transistors making up the microprocessor have been etched. A chip might be as large as an inch on a side and can contain tens of millions of transistors. Simpler processors might consist of a few thousand transistors etched onto a chip just a few millimeters square.