Mac Studio M5 Max 128 GB vs Mac Studio M5 Ultra 96 GB
M5 Max has 128 GB memory, 614 GB/s bandwidth, 175 W nominal power; M5 Ultra has 96 GB memory, 1,200 GB/s bandwidth, 280 W nominal power. Compare model compatibility, like-for-like tokens/sec and ownership cost below.
Verdict
- throughputThe Mac Studio M5 Ultra 96 GB delivers approximately 80% higher aggregate decode throughput across 5 like-for-like model configurations (same quantization, runtime, context and inference settings).
- capacityBoth machines run all 8 compared models in their best practical configurations. Compare their quantizations and evidence labels before treating any throughput difference as a hardware result.
- costAt 8 hours a day, the Mac Studio M5 Max 128 GB has approximately 27% lower total monthly cost ($45 against $62), for a C corporation in United States (federal).
- powerThe Mac Studio M5 Ultra 96 GB draws 190 W under load against 122 W for the Mac Studio M5 Max 128 GB — a 1.6× difference that shows up in the electricity line and in how loud and hot the room gets.
- evidenceAll 5 like-for-like throughput rows are estimates. Treat the ranking as indicative and the margins as uncertain.
- recommendationThere is no single answer: the Mac Studio M5 Ultra 96 GB is faster, the Mac Studio M5 Max 128 GB is cheaper to own, and the Mac Studio M5 Ultra 96 GB gives more throughput per unit of purchase currency. Pick on whichever constraint actually binds you — interactive latency, monthly budget, or capacity headroom for larger models later.
Every statement above is generated from the calculations on this page by fixed rules — no prose is written for individual comparisons. If the numbers change, the verdict changes with them.
Hardware
| Mac Studio M5 Max 128 GB | Mac Studio M5 Ultra 96 GB | |
|---|---|---|
| Purchase price estimate | $4,323 * | $5,945 * |
| Memory | 128 GB | 96 GB |
| Memory bandwidth | 614 GB/s | 1,200 GB/s |
| Usable bandwidth indicator | 538 GB/s (88%) | 1,052 GB/s (88%) |
| Nominal power | 175 W | 280 W |
| Measured load power | 122 W | 190 W |
| Idle power | 8 W | 12 W |
| Architecture | unified memory | unified memory |
Like-for-like performance5 comparable models
Ternary Bonsai 2 27BQwen3.5 122B-A10BNemotron 3 Super 120B-A12BMistral Small 4 119B-A6.5Bgpt-oss-120bMixtral 8x7BPhi-3.5 MoE 42B-A6.6BNemotron 3.5 Lightning 30B-A3B
| Model | Mac Studio M5 Max 128 GB | Mac Studio M5 Ultra 96 GB | Winner |
|---|---|---|---|
| Ternary Bonsai 2 27B 27.36B | — no matched configuration | — no matched configuration | Not comparable |
| Qwen3.5 122B-A10B 125.086B (10B active) | ~57.5–82.8 t/s Q4_K_M | ~105–152 t/s Q4_K_M | Mac Studio M5 Ultra 96 GB +83% estimated · estimator_v1 · 8K context |
| Nemotron 3 Super 120B-A12B 123.611B (12B active) | ~48.5–69.8 t/s Q4_K_M | ~89.7–129 t/s Q4_K_M | Mac Studio M5 Ultra 96 GB +85% estimated · estimator_v1 · 8K context |
| Mistral Small 4 119B-A6.5B 119.401B (6.5B active) | ~85.3–123 t/s Q4_K_M | ~152–218 t/s Q4_K_M | Mac Studio M5 Ultra 96 GB +78% estimated · estimator_v1 · 8K context |
| gpt-oss-120b 116.829B (5.1B active) | ~118–170 t/s MXFP4 | ~203–293 t/s MXFP4 | Mac Studio M5 Ultra 96 GB +72% estimated · estimator_v1 · 8K context |
| Mixtral 8x7B 46.703B (13B active) | — no matched configuration | — no matched configuration | Not comparable |
| Phi-3.5 MoE 42B-A6.6B 41.873B (6.6B active) | — no matched configuration | — no matched configuration | Not comparable |
| Nemotron 3.5 Lightning 30B-A3B 31.578B (3B active) | ~58.1–83.6 t/s BF16 | ~106–153 t/s BF16 | Mac Studio M5 Ultra 96 GB +83% estimated · estimator_v1 · 8K context |
Hardware deltas are calculated only when quantization, runtime, exact context, execution/decode mode and relevant inference settings match. Measured and estimated results are never compared to each other. A difference under 10% is reported as a tie.
Best practical configuration
| Model | Mac Studio M5 Max 128 GB | Mac Studio M5 Ultra 96 GB | Practical result |
|---|---|---|---|
| Ternary Bonsai 2 27B | — PTQ1_0 · estimated | — PTQ1_0 · estimated | Both fit; configurations may differ |
| Qwen3.5 122B-A10B | ~57.5–82.8 t/s Q4_K_M · estimated | ~112–162 t/s MLX 4-bit · estimated | Both fit; configurations may differ |
| Nemotron 3 Super 120B-A12B | ~48.5–69.8 t/s Q4_K_M · estimated | ~95.9–138 t/s MLX 4-bit · estimated | Both fit; configurations may differ |
| Mistral Small 4 119B-A6.5B | ~73.8–106 t/s Q5_K_M · estimated | ~152–218 t/s Q4_K_M · estimated | Both fit; configurations may differ |
| gpt-oss-120b | ~118–170 t/s MXFP4 · estimated | ~203–293 t/s MXFP4 · estimated | Both fit; configurations may differ |
| Mixtral 8x7B | — Q8_0 · estimated | — Q8_0 · estimated | Both fit; configurations may differ |
| Phi-3.5 MoE 42B-A6.6B | — Q8_0 · estimated | — Q8_0 · estimated | Both fit; configurations may differ |
| Nemotron 3.5 Lightning 30B-A3B | ~103–148 t/s Q8_0 · estimated | ~180–258 t/s Q8_0 · estimated | Both fit; configurations may differ |
This is a deployment comparison: each machine uses its own recommended configuration. Different quantizations can change speed and quality, so these figures are not raw hardware benchmarks.
Economics — United States (federal), C corporation, 8h/day
| Mac Studio M5 Max 128 GB | Mac Studio M5 Ultra 96 GB | |
|---|---|---|
| Purchase price estimate | $4,323 | $5,945 |
| Reclaimable VAT | $0 | $0 |
| Net cash at purchase | $4,323 | $5,945 |
| Monthly depreciation | $50.44 | $69.35 |
| Monthly electricity | $0.76 (5 kWh) | $1.17 (8 kWh) |
| Tax programme | §179 100.0% | §179 100.0% |
| Tax-programme benefit | $908 | $1,248 |
| Monthly economic cost | $45.27 | $62.35 |
| Total over 5 years | $2,716 | $3,741 |
Purchase prices are localized inputs in USD: tax/VAT excluded for Mac Studio M5 Max 128 GB and tax/VAT excluded for Mac Studio M5 Ultra 96 GB. Net cash and monthly economic cost then apply the selected United States (federal) / C corporation tax treatment. Tax assumptions last verified 2026-09-07. Federal planning estimate only, not tax advice. State and local income tax, sales/use tax and incentives are excluded. It assumes 100% business use, a Section 179 election, enough business income to use it, and that the full annual limit remains available.