This is the best summary I could come up with:

Intel is making Thunderbolt 5 official today with promises of up to 120Gbps speeds, theoretical support for 540Hz gaming monitors, 240 watts of charging power, and much more.

This mode requires a high-bandwidth display; otherwise, Thunderbolt 5 supports 80Gbps bidirectional speeds.

Up to 540Hz panels will also be possible for gamers, and perhaps even external GPUs will finally take off with the improved bandwidth on offer here thanks to PCI Gen 4.

Support for up to 240W means gaming laptop manufacturers could opt to not include a separate power port on future devices.

“Thunderbolt 5 will provide industry-leading performance and capability for connecting computers to monitors, docks, storage and more,” says Jason Ziller, general manager of the client connectivity division at Intel.

Microsoft has worked closely with Intel to support USB4 in Windows, with Thunderbolt 5 fully USB 80Gbps standard compliant, too.

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It looks like it’s just USB 4, but with 80gbps support required.