WetGeek I never doubted you. I'd just never heard that word used that way. Is it an abbreviation or acronym of some sort?
Nits is a standard measure of brightness for displays. I don't think is is an acronym, just an industry (slang?) term for "candela per square meter", in the sense that 1 Nit = 1 Candela.
From a Digital Trends discussion: "The nit is the standard unit of luminance used to describe various sources of light. A higher rating means a brighter display. Displays for laptops and mobile devices are usually between 200 and 300 nits on average. A rating over 300 nits is solid and a rating above 500 nits is extremely good."
Higher-end laptops for creative use (e.g. Dell XPS laptops and Apple MacBooks) have 500-Nit displays. Higher-end business laptops generally run 300-400 Nits. I think that 250 Nits is common for consumer laptops. Budget laptops often drop down to 200 Nits, and that is a problem if you don't live in a cave.
In comparison, cellphone displays typically run 500-600 Nits and TV's 800-1000 Nits.