GT/s = gigatranfers per second.
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Also the speed is per lane, eg an x8 slot / port / device is called that because it has 8 lanes, which all transfer in parallel.
So... That's about 16 terabytes per second per lane. AKA more bandwidth than I can imagine any use for, though I'm sure we will find ways to take advantage...
(Seriously, that's enough to move 16 largish laptop drives every second, on a single lane.)