It is rumored that Nvidia's Fermi (G300) A2 silicon has taped out. That calculates to availability in February 2010.
However, it is rumored that the moles inside Nvidia say that an A3 version will be needed and Nvidia is telling its main board makers to expect April-May launch in quantity. I presume the delay is that they have to get a version running faster than HD5870 as well as be bug free.
So, the G300 is turning out to be like the ATI HD2xxx -- very very late. Remember, ATI was almost a year late with that one.
Late next year, ATI will be coming out with its brand new architecture that is one step ahead of G300 (G300 tech competes with HD58xx tech). Of course, it may be delayed a half year or more too.
Fermi A2 Rumors Of course, it may not all be Nvidia. TSMC is having 40nm process problems affecting both Nvidia and ATI.
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