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WolfpackN64 said:

They say they could make use of software-based, rather than hardware based emulation, meaning the new chip could very well be x86.

That and no, PS Now is not backwards compatability, it's a paid streaming service.

Software emulation is unlikely. Currently you need a strong i5 to properly emulate an Wii.

Wii U is too strong to emulate via software for the time being.