In a parallel turbo system, if each turbo is putting out 7 psi, then the total boost pressure is 7pi. The flow rate of each turbo adds together though. So (just coming up with numbers off the top of my head, not necessarily accurate) if each turbo is putting out 100 cfm at 7 psi, then the total pressure is still 7 psi but total flow is 200 cfm.
This is unlike a sequential turbo system like that used in a Toyota Supra. The total pressure adds together. So if the first turbo is running 5 psi and the second turbo is running 10, the total pressure is 15 psi. But in this system, the airflow will be restricted by the smaller turbo.
So it's a tradeoff, do you want lower boost and more flow? Or higher peak boost but less overall flow? They have their advantages and disadvantages each, like allen3 said. Except in the sequential system, the smaller turbo is used to spool up the larger turbo so it can hit higher boost at lower RPMs.
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