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If PS4K is real the only thing I can imagine is that they weren't able to shrink the APU. GCN 1.0-1.2 is only produced in the 28nm process by AMD and if attempts to shrink it down to 14/16 or atleast 20nm were unsuccessful (waay too low yields/many leakage problems) that means Sony wouldn't be able to lower the production costs.

To get around this problem they might have decided to go with a Zen/Polaris APU (architectures already designed for 14/16nm). But that's pure speculation.