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Sega would need to partner with a large hardware company with a lot of money if they had any hope of making a new console. I doubt Sega alone could compete.

Maybe one of the big Japanese/Korean hardware companies? (Samsung/Panasonic) Or if the Intel/PS4 rumors are true, Nvidia might be left out of the next generation, so maybe them? An Apple/Sega console would immediately have a huge following as well.