Source : Free On-Line Dictionary of Computing

GIPS
     
        /gips/ or /jips/ [Analogy with {MIPS}] Giga-Instructions per
        Second (or possibly "Gillions of Instructions per Second"; see
        {gillion}).
     
        In 1991, this was used of only a handful of highly parallel
        machines and one sequential processor built with {Josephson
        device}s.  {DEC}'s {Alpha AXP 21164} processor was the first
        commercially available 1 GIPS sequential processor (7 Sep
        1994).  Compare {KIPS}.
     
        ["A 1-GIPS Josephson Data Processor", Yuji Hatano et al, IEEE
        J Solid State Circuits, vol 26, 6, June 1991]
     
        [{Jargon File}]
     
        (1994-11-02)