I think they're targeting GM107/GM108 at the notebook refresh cycle where power efficiency is a huge advantage. We'll get GM200/204/206 in H2 which are more targeted at the desktop - I wonder what the timeframe will be for GM200 vs GM204 given process maturity (unless it's still on 28nm which seems unlikely at this point but interesting).
I think the launch of GM107 @28nm makes a lot of sense. With rising wafer prices @20nm, it makes sense to launch the value card on an older process, gives you time to work out the kinks with the new architecture, and bigger cards with higher margins can launch on a newer process.
What I've heard from a source is that there are no 20nm GPU's coming at all (from NV at least, no idea about AMD). Nvidia will skip 20nm(there is only one 20nm process at TSMC apparently, 20SoC) and go straight to 16nm(16FF). I was told that 16FF is an optical shrink of 20nm, so it will follow 20SoC rather quickly, sort of like a 65nm->55nm transition.
As far as reasons go, I can only speculate and add on to the points raised by both of you. Cost per transistor on 20nm is likely quite high at the moment and the process will probably not be mature enough for a GM200 sized chip in H2'14. In addition I was also told that there is virtually no performance increase with 20SoC vs 28HP. 16FF is supposed to bring a significant performance increase over 20SoC and hence would be a better process for GPU's.
So given how much more efficient Maxwell seems to be, I suppose GM200 on a mature 28HP process is probably a safer bet and the architectural improvements along with the process improvements over the last 2 years will provide enough of a performance increase compared to Kepler.
Even assuming they could get a big 20nm GPU out by Q1'15, since 16FF follows so quickly, does it make sense to release 20nm chips and quickly follow up with a supposedly much better 16nm process. So to maintain the release cadence and refresh their lineup this year, they release Maxwell on 28nm and then maybe have 16nm GPU's out by H2'15?
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