Yes it has happened, but on the other shoe. That product was the 4870.
The gtx 280 and gtx 260 at launch were priced at 650 and 450 respectively. The price of the 4870 was 299 or 280 and was the same speed or hairs faster than the gtx 260. I think the gk104 will be around 7950 ish as far as speed goes. Considering the size of past midranges from NV and their performance, them catching up to mid range AMD high end would not be a surprise(gtx 9800+, gtx 260, gtx460, gtx 560 all performed similarly to the 4850, 4870, 5850 and 6950 respectively).
As far as pricing goes, I think they want to price things in respect to gk110 or gk112 or whatever the high end is. I think at this point in time, the reason the 7970 is selling out is primarily a supply one, however quantities are getting much better quickly and it is getting easier and easier to find one in Canada. Best buy of all places has them at stock, at the 549.99 retail price. NCIX has a decent amount of stock in too. In a month, I have a feeling it will be pretty easy to find a 7970.
I think if gk110 is hard launched, I expect decent quantities for that card considering it will be launched later. There is a point where people don't want to pay anymore and $650 I think was max for a card that is not semi limited edition. During that time we were not in a recession and people had way more money to spend. I think right now the max people will pay for a card is less than 650, if it has decent supply(not a weird halo product like these limited editions(the ultra) or dual cards). Pricing the gtx 660 at 300 dollars leaves room for a $550 or $600 dollar, gtx 680.




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