AI hardware & serving
How long one request has to wait from being sent until its answer arrives - for an AI chat, the pause before and while it replies.
Formal
The time from a request leaving the sender until the matching response arrives, usually reported as a typical value and a slow-end value, such as the time 99 in 100 requests beat; for a language model it covers queueing, reading the prompt and producing each token.
In plain English
Like the wait between ordering a coffee and holding it in your hand - it says nothing about how many coffees the café makes in an hour.
In practice
A housing association's web manager moves its tenant chat to a smaller model because tenants gave up when answers took eight seconds to start; the smaller model begins replying in under one.
Why it matters
People judge a service by how quickly it responds, and tools that call a model many times in a row feel every extra delay add up.