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Soundwave said:

Tegra X1 is good, but Imagination's PowerVR GT7900 is even better. 800 GFLOPS @ under 10 watts apparently (1.6 TFLOPS in FP16 mode) and apparently very cheap. Add some eDRAM or other type of high speed RAM solution and you'd have a pretty powerful little console. 

To the OP's point I agree it could happen. I think NX is going to be a pretty different type of device and Nintendo is banking on the novelty to sell it, not interested in competing with Sony/MS directly. 

To be honest for *Nintendo games* I really don't even mind Wii U graphics all that much. It would be nice to have less jaggies and maybe a little better lighting/shading effects, but even after playing Batman Arkham Knight on PS4 and going back to my PS4, I don't get the "OMG! This is such a huuuuuuuuge gap!!" feeling I used to get going from PS3 to Wii. HD graphics makes a big difference. 

The newer Iris Pro and Carizo graphic solutions are much better than PowerVR and Tegra, though. At best the 14/16nm graphic solutions of mobile chip manufactures will match something like the Geforce 700M, or the first generation TeraScale chips. There is no miracle here.

Either way, the NX probably won't be that powerful if Nintendo opts for an APU solution like I expect them to. Mostly because AMD will release only 28nm APUs in 2016, with no Zen CPUs yet, which will be similar (15-20% more efficient at best) to the designs inside the X1 or the PS4...