Changing the profile from say P8 to P9_base to P9 changes things under the hood in terms of processor capabilities. This roughly translates into VM hardware versions in VMware-speak.
There are cores and then there are virtual processors as well as the notion of processor folding. Here's a starting point: https://www.ibm.com/support/pages/aix-virtual-processor-fold...
Some P9 specific changes re folding: https://www.ibm.com/downloads/cas/39XWR7YM
Source: I have to deal with POWER systems day to day.