A few months ago Mark Gurman revealed all the codenames of the M4 series chips. Among them is the Hydra, which is expected to be the M4 Ultra. It is a monolithic chip with a completely new design that impacts performance.
The current M2 Ultra is inferior to the M4 Pro (14 cores) in terms of performance. At the same time, the price of a MacBook with M4 Pro is 5 thousand dollars, and the price of M2 Ultra is 44 thousand dollars.
M4 Ultra is expected to be the fastest processor in the world. The M4 Max already outperforms any chip ever created. This applies to both single-core and multi-core performance.
According to Mark Gurman, M4 Ultra will have twice the cores of M4 Max. So 32 CPU cores and 80 GPU cores. The main difference between the Ultra version and the Max version is that the M4 Ultra will feature a new unibody design. This will increase performance and energy efficiency. Assuming there will actually be 32 and 80 cores, the M4 Ultra will only be 50% faster than the M4 Max in multi-core tasks. But this is still a lot when you compare it with other Intel and AMD processors.
Source: Ferra

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