I haven’t done a lot of research on this topic, but have gained a little knowledge reading discussions.
I doubt this is as simple as people are making out. It's probably at least somewhat an issue of total bandwidth, so unless you have a calculator out and are doing a lot of multiplications then you're likely not arriving at the real answer.
If we consider Apple's supported display configurations:
"Help?"
Copied directly from the "technical specifications" page linked to above:
============
Display Support
M4
Simultaneously supports up to three displays:
Up to three displays: Two displays with up to 6K resolution at 60Hz over Thunderbolt and one display with up to 5K resolution at 60Hz over Thunderbolt or 4K resolution at 60Hz over HDMI
Up to two displays: One display with up to 5K resolution at 60Hz over Thunderbolt and one display with up to 8K resolution at 60Hz or 4K resolution at 240Hz over Thunderbolt or HDMI
============
So...
It looks like the answer is, "no".
And use this calculator:
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We see that Apple’s claims must be reliant on DSC support (e.g., HDMI 2.1):
That is, 50Gbps+ of necessary bandwidth for 8K/60Hz exceeds the 40Gbps of Thunderbolt 4. However, when using DSC, the bandwidth requirement is 16.55Gbps.
There’s also:
That says ~8Gbps is dedicated to video output. Additional video bandwidth can encroach on general bandwidth. I don’t think that matters here, although, when I add up display configurations Apple mentions (using the DSC bandwidth requirement), they are within 32Gbps. Could be coincidence.
Anyway… If we refer back to the bandwidth calculator, triple 4K/144Hz would be 31.35Gbps (10.45Gbps with DSC x 3), which not only is <40Gbps but also <32Gbps. So, it seems plausible.
One of the caveats seemingly being, your displays/monitors must support DSC (i.e., HDMI 2.1 or DP 1.4a).
But it's pretty simple - macOS is very limited on its support of multiple high-refresh-rate displays. My Mac Studio M1 Max only supports >60 Hz over HDMI. Using Thunderbolt port, to a Thunderbolt Display that supports 120 Hz when connected to my Windows computer, it only supports 60 Hz. Even the HDMI only supports >60 Hz under 4K.
(I have two displays, one 5K ultra wide 5120x2160 that supports 120 Hz at full resolution; one 4K "conventional" 3840x2160 that supports 240 Hz at full resolution. On my Macs, neither is supported at full resolution and full refresh rate. I can get 240 Hz at 1080p when connected via HDMI, and 1440p at 120 Hz, but above 1440p, it drops to 60 Hz.)
Resolution/refresh rate options don't change even when I have three Thunderbolt 3/4 devices connected. (Thunderbolt SSD, Thunderbolt 4 display, Thunderbolt 3 dock - while the fourth rear USB-C port has a 10Gb/s USB-C 3.2 dock connected!)
Although oddly, while I can't get >60 Hz out of Thunderbolt natively, if I use a USB-C-to-HDMI adapter rated for ultra-high-bandwidth (a Dell USB-C to HDMI 2.1 Adapter that supports 8K or 4K/120) I get the same support as the HDMI port on the back of the Studio directly. Even running through a Thunderbolt 3 dock's "Thunderbolt out" port! (So speed should definitely be dropped by using the dock itself.)
Do your displays/monitors natively support HDMI 2.1/1.4a (i.e., DSC)?
Mine can achieve up to the full refresh rate — I chose 120Hz because it’s divisible by 30 — via HDMI.
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With that, I’ll make my final segue… The other caveat apparently being cable quality: