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JEMC said:

I can deal with the Q1 launch because that would give the console 3 strong sales points (launch, Black Friday and X-mas) during the first year, but not the 2019.

Also, to be fully compatible with PS4 games, it needs to be full AMD, both CPU and GPU, and while the CPU side looks good with maybe an 8-core Zen+ unit, the GPU side doesn't look very good, with Vega 56 and 64 (10.5 and 12.5 TFlops each) using way more than 200W of power. Sure, if they're ported to the newer 12nm process they'll use less power, but we're still looking at 170-180W, and then add the CPU, RAM, etc on the mix and we end with a 250W or more box.

Nah, I think they'll wait until 2020, when they'll be able to use the superior 7nm process.

Pretty sure Vega is going straight from 14nm to 7nm. Last I remember reading, sampling in late 2018, so probably early-mid 2019 launch for those cards. 'Navi' and 'next gen' are both supposed to be out before the end of 2020 apparently, but AMD seems to be running a little behind so. Considering Ryzen 2 (7nm) is lined up for sometime in 2019, more than likely first half of the year like Ryzen (14nm) and Ryzen+ (12nm), both CPU and GPU would be available for a PS5 sometime in 2019 (most likely later). Having 7nm APU's ready by then shouldn't be a problem either.

This doesn't mean PS5 would be coming 2019 necessarily, but it more than likely could if they wanted it to. Depending on the other hardware and it's prices and availability, could put a delay on the launch if they are assuming sales like PS4. If the price was $500 though, they shouldn't need to worry quite as much about early inventory.