A velocity stack is kinda like an airplane wing. Where there is an angle to increase flow on one side. Looks somewhat like a horn. Where the start is larger , then get smaller to increase that flow since its squeezing into a smaller space or more or less it has a larger opening.
Heres what it looks like on a throttle body. The intakes have them usually in the filter or near it at the end of the intake pipe.
Just another way / theory to increase horsepower from an intake system.
There are a few different things you can do to an intake to try to change up how it performs. Theres also resonance tuning and multi-resonance tuning. Which I believe the aem V2 is trying to achieve.
Happy Tuning.