There is not much difference. The basic summary is with Thunderbolt 4: you can have two 4k displays, wake from sleep, the PCIe data transfer speed is 32GB/s up from 16GB/s and you can have cables 2 metres in length.
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How Thunderbolt 4 is different than other solutions
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Based on minimum solution requirements so people know what they are getting
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Thunderbolt™ 4
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Thunderbolt™ 3
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USB4
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USB3/DP
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Unrivaled Simplicity
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One universal computer port
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☑️
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☑️
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Universal 40Gb/s cables up to 2 meters in length
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☑️
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Accessories with four Thunderbolt ports
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☑️
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Maximum Performance
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Minimum PC speed requirements
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40Gb/s
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40Gb/s
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20Gb/s
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10Gb/s
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Minimum PC video requirements
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Two 4K displays
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One 4K display
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One display
(No minimum)
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One display
(No minimum)
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Minimum PC data requirements
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PCIe 32 Gb/s USB 3.2 - 10Gb/s
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PCIe 16 Gb/s USB 3.2 - 10Gb/s
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USB 3.2 - 10Gb/s
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USB 3.2 - 5Gb/s
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Required PC charging on at least one computer port
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☑️
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Required PC wake from sleep when computer is connected to a Thunderbolt dock
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☑️
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Minimum PC port power for accessories
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15W
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15W
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7.5W
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4.5W
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Thunderbolt networking
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☑️
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☑️
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Reliable Connectivity
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Mandatory certification for all shipping computers, accessories, and cables
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☑️
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☑️
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Cable testing and cable quality audits for Thunderbolt cable manufacturers
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☑️
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☑️
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Required Intel VT-d based DMA protection
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☑️
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USB4 Specification
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Compatible
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Compatible
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Compatible
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Compatible
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