Who said Fermi was half baked? Fermi aside from heat was and still is a fantastic chip. Frankly most people forget that the CPU designs they use are modular and therefor they could and do scale the chip up or down based on the needs of the day. The real RND is not in the actual die itself but the interconnects and the modules themselves. Thats part of what bit fermi in the ass; they couldnt scale it down because each module was configured too large and they couldn't effectively harvest half-dead chips like AMD could thus now we see a super-scalar design from nVidia with much smaller stream processors.
I am quite sure that is without a doubt a GK110 exists; most likely what is going to happen is they are probly going to do another respin and add directX 12 much like what we saw with Cayman. Then they'll put it up against Hectoncheries
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