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Tough to say.

Sony say they're making "solid progress" (https://www.vgchartz.com/article/469584/sony-is-making-solid-progress-on-playstation-6-development/) while leaks claim the RAM/SSD in the thing will cost a whopping $650. (https://www.ign.com/articles/playstation-6-ram-and-storage-alone-may-cost-680-according-to-leaker)

They may try to wait out the memory crunch and push the launch back, but I expect there's a limit to how long they can delay when the logistics involved will be well in motion at this point, and I doubt its easy to just put everything involved on hold for an indeterminate length of time; after all, there's no guarantee prices will be much lower by 2029.