The datasheet for VIC-1340 is rather weird concerning support of 40G Ethernet
http://www.cisco.com/c/en/us/products/collateral/interfaces-modules/ucs-virtual-interface-card-1340/datasheet-c78-732517.html
The Cisco UCS Virtual Interface Card (VIC) 1340 (Figure 1) is a 2-port 40-Gbps Ethernet or dual 4 x 10-Gbps Ethernet, Fibre Channel over Ethernet (FCoE)-capable modular LAN on motherboard (mLOM) designed exclusively for the M4 generation of Cisco UCS B-Series Blade Servers. When used in combination with an optional port expander, the Cisco UCS VIC 1340 capabilities is enabled for two ports of 40-Gbps Ethernet.
Means 40G ready ??? not available today ?
Confusion, port channel 4 x 10G is not equal 40G Ethernet. As long we don't have 40G support on IOM and FI, 40G I/O adaptor doesn't make sense.