Perhaps. With the GTX 680 in theory being cheaper to manufacture than the HD 7970 it would make sense to hold the GTX 680 as the flagship card until AMD releases their HD 7990. Then, releasing a GTX 685/690 based on a 300w Kepler core(with a die size somewhere around GF100-G200) would set them up to compete on performance with less expensive silicon going in to this performance crown card.
Still, I doubt they developed GK104 and GK110 at the same time. Makes more sense from a risk management point to develop a small core on 28nm. Beats the hell out of having another GTX 480.



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