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Single-root Input/Output Virtualization allows hardware to be directly connected to *multiple* virtual machines, bypassing the hypervisor (merely passing a device through to a single virtual machine doesn't require SR-IOV, just an IOMMU). A hypervisor supporting SR-IOV registers lightweight virtual PCIe devices with capable hardware, and uses them to populate the virtual machine. The real PCIe device can then communicate directly through this vPCIe device, interrupting only the target virtual machine.

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