UPDATE DECEMBER 14, 2002:
According to Jiji Press of Japan, Nintendo has denied that they're engaged in discussions with NEC regarding the co-development of a chip for a next-generation Nintendo game console. Jiji Press writes, "Nintendo Co. on Friday denied a media report that the company has begun joint development of a new game machine with NEC Corp. Nintendo is always working on developing new game machines, the major home-use game machine maker said, but it has not carried out specific talks with a particular firm for this purpose." Because of Bloomberg's trustworthiness, GameCubicle is not going to discount their story unless it's retracted.