Intel - An Update On Our Graphics-related Programs

Looks like Intel's Larrabee has been post-poned and they will continue with the Intel GMA series

[...]We will not bring a discrete graphics product to market, at least in the short-term. As we said in December, we missed some key product milestones. Upon further assessment, and as mentioned above, we are focused on processor graphics, and we believe media/HD video and mobile computing are the most important areas to focus on moving forward.[...]

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