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Apple bases the M series off of the A series. So the M1 is based on the A14 while the M2 is based on the A15. If this report is correct, then that means the M3 was supposed to get ray tracing.

I wonder if the M3 could still get raytracing since the power budget is higher...

The M1 Ultra is already "equivalent to a 3090" (lol) so maybe the M2 Ultra will be "equivalent" to a 4090 (lmao).

Did you miss the M1 / M2 series?