The Tempest Engine is effectively the hardware chip inside the PS5 which makes all of this fancy 3D audio technology possible. As explained by Digital Foundry, the "Tempest Engine is effectively a re-engineered AMD GPU compute unit, stripped of its caches and relying solely on DMA transfers".
Fascinatingly, to accurately create 3D audio, Sony needs access to data called the Head-related Transfer Function, which is unique to every person based on their ear and head shape. There'll be at least five profiles available at launch based on over 100 people, and you'll be able to configure this based on your personal optimum settings. But the manufacturer wants to find a way to perfectly personalise this data for every user, and this may involve you eventually taking and uploading photos of your ears.