Isn't it obvious?
1. More profit if you sell every GK110 as Tesla instead of GeForce
2. Not cannibalizing sales of the GTX 690
Usually, a GPU has a lifetime of about a year. What sense does it make to release a successor like the GTX 780 too early? Especially when the GK104 parts were all selling very very well. Had AMD had a 30% lead with 7970 GHz, I'm sure Nvidia would have reacted sooner, even if it had meant lower margins. But they were just fine with GK104 and could concentrate on selling every GK110-card for $3000+ instead of just $1000 or even $650.
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