According to SemiAccurate, ATI's next wave of DirectX 11 graphics cards could be ready as soon as this fall. However, problems with TSMC means that instead of 28nm GPUs as initially planned, ATI might stick with 40nm ones instead and incorporate existing tech from the current Evergreen series.
The Tech Report - Interestingly, Demerjian says AMD's roadmap originally called for the arrival of 28-nm GPUs code-named Northern Islands in 2011. However, uncertainty surrounding TSMC's ability to deliver a working 28-nm high-k metal gate process on time caused AMD to reconsider—hence Southern Islands, a series of 40-nm GPUs that purportedly mix shaders from the current Evergreen series with "uncore" elements from Northern Islands.
Demerjian from SemiAccurate has been known to show bias against NVIDIA so it's best to take these news with a pinch of salt. Nevertheless, if this turns out to be true, NVIDIA will have a hard time trying to keep up.
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