As long as the VMs are powered on they will display the "old" name in the Settings.

I suspect that's because the name is just a property of the portgroup.

Internally ESX doesn't use the actual name to find out which portgroup is connected to a VM.

If the guest is restarted you will see the "new" portgroup name.

And that is probably because at that point the vSphere client reads all the properties for the connected devices.

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