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PCI Express 7.0 Spec Hits Draft 0.3, 512GBps Connectivity on Track For 2025 Release
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Yes, that's what they have been doing for quite a while now.
The chipset splits a few PCIe lanes from the CPU into many PCIe lanes for lower speed devices to use. Of course those lanes all share the same bandwidth with each other and with the USB and SATA ports in the chipset.