What is being maximised in the channel capacity formula?

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The channel capacity formula is given as such:

$$C=\max_{p(x)}I(X,Y)$$

Does this mean that it is the maximum probability multiplied by the mutual information, or is something else being maximised here?

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Channel capacity computes the maximum of the mutual information $I(X,Y)$ between the input $X$ and output $Y$ for a channel. This maximization is done over all possible probability distributions $p(X)$ of the input signal.