Because when they started they 580 didn't exist (in fact I don't think the 480 did). So they're setting their own line in the sand, and the line is defined not solely by competitor performance but by performance target, cost target, power and heat budgets, and requests from partners. There are many different influence pulling many different ways.
So why would they target performance on par with cayman ? They would increase performance as they allways do with new hardware. THe 580 didn't exist and neither did the 480. However amd could certianly see the target performance they were shooting for and what nvidia would be able to reach with larger chips. To top it off , the 480 has been around for close to 6 months , amd could have easly figured out what performance they would have reached with the chip.
You want a $400 card from AMD that outperforms a $500 card from NVIDIA? Yeah we all do, but will AMD make one? If they could then all kinds of decisions come up - is it responsible to the business and the shareholders to make a faster card for $100 less? Isn't it more responsible to price it competitively? What about the product pricing line up? Do you leave gaps to fill in or design for a product performance/value/power target, and stick to it? Will you sell more cards and gain more market and mindshare by selling $400 GPU's instead of $500 GPU's? Barts launched into the $150-$250 price point because that's where the money is for the enthusiast gamer. $300+ is higher margin, much lower sales. Why then target an even smaller segment with $500+ products?
All depends doesn't it. Amd got pretty close to gtx 480 performance over 6 months before the gtx 480 came out with a smaller , cheaper and more energy efficent chip. Whos to say that they can't do better now ? After all nvidia has had what 4-5 months since the gtx 480 came out and were able to raise performance 20-30%. Why can't amd have done more with over a year ?
Aiming for the farthest yard stick with a single throw gives you R600's and GF100's - you miss the market.
Meh , expecting 40% or so improvement over a year old part from amd isn't us thinking they are going for the farthest yard stick
Even if you disregard them knowing what nvidia was up to .... why would amd not target better performance with a brand new chip over cypress. It makes no sense for amd to target only a 20% increase . They would have gone for more imo. 20% is not out of the range of an overclock on cypress.
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