AMP - Accelerated Mobile Pages

The Google Support page for this feature is not much use to understand what is being offered here.

AMP is a web component framework to easily create user-first experiences for the web.

The Accelerated Mobile Pages (AMP) Project is an open source initiative that came out of discussions between publishers and technology companies about the need to improve the entire mobile content ecosystem for everyone - publishers, consumer platforms, advertisers, creators, and users.