Talk of 24/96 and 24/196 is all academic, though. Aside from studio music recordings, nothing is recorded at that fidelity. In the future, we might see some music releases with 24/96 DTS-HD MA or 24/96 TrueHD, but that's about it.
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DTS-HD MA and Dolby TrueHD can support the same Bit depth and sampling rate as LPCM, i.e. up to 196kHz and 24bit.
Talk of 24/96 and 24/196 is all academic, though. Aside from studio music recordings, nothing is recorded at that fidelity. In the future, we might see some music releases with 24/96 DTS-HD MA or 24/96 TrueHD, but that's about it.
All modern movies are mixed at 24/48.