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The only logical choice, imo. ARM has stark deficiencies when it comes to floating point operations, and hit a brick wall in cpu clocks at around 2.5 Ghz which takes long to pass. IBM, on the other hand, moved all the way into high power computing, which is basically the complete opposite of a gaming console (and probably already the reason why the Wii U had just a self-developed supercharged triplecore version of an over 10 year old chip installed). And if they go already to AMD to get their CPUs, why not getting the total package at once instead of looking for a company for every single part to deliver to them?

More interesting would be if Zen or no Zen (AMD next Generation Architecture, which should bring them again more or less on par with Intel in IPC and thus global performance) and which generation of GCN would be used.

As for Wii U emulation: Hard, but depending on the CPU/GPU not impossible.