This report focuses on the architecture and performance of the Intelligence Processing Unit (IPU), a novel, massively parallel platform recently introduced by Graphcore and aimed at Artificial Intelligence/Machine Learning (AI/ML) workloads. We dissect the IPU's performance behavior using microbenchmarks that we crafted for the purpose. We study the IPU's memory organization and performance. We study the latency and bandwidth that the on-chip and off-chip interconnects offer, both in point-to-point transfers and in a spectrum of collective operations, under diverse loads. We evaluate the IPU's compute power over matrix multiplication, convolution, and AI/ML primitives. We discuss actual performance in comparison with its theoretical limits. Our findings reveal how the IPU's architectural design affects its performance. Moreover, they offer simple mental models to predict an application's performance on the IPU, on the basis of the computation and communication steps it involves. This report is the natural extension to a novel architecture of a continuing effort of ours that focuses on the microbenchmark-based discovery of massively parallel architectures.