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I would suggest that it is actually 253 devices. Default settings on my Technicolor Gen2 are:
Modem IP: 192.168.0.1
DHCP Start Address: 192.168.0.2
DHCP End Address: 192.168.0.254
That gives 253 possible IP addresses.
Whether the modem will be able to handle that is of course completely different question...
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