/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 devices. 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]