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AMD is launching seven "new" cards shortly for a new generation of hardware. Two are genuinely new cards, two are retail versions of cards that had previously been OEM-only, and three are new bins of old GPU chips.
The two genuinely new cards are the Radeon R9 290X and Radeon R9 290, both based on AMD's Hawaii chip. The cards aren't out yet, and are still under NDA, so we don't know the details. However, we do know that these are to compete against Nvidia's GK110 chip, i.e., Titan and GTX 780.
The Radeon R9 280X is the Tahiti GPU chip, and this time clocked higher than the old Radeon HD 7970, but lower than a Radeon HD 7970 GHz Edition. The Radeon R9 270X is Pitcairn, and basically a higher clocked Radeon HD 7870. The Radeon R7 260X is Bonaire, and basically a higher clocked Radeon HD 7790 with 2 GB of video memory.
At the low end, we have the Radeon R7 250 and Radeon R7 240, both based on an Oland chip that was previously OEM-only. This is to be AMD's new low end, and the cards are $90 and $70, respectively. Both will have both a 1 GB GDDR5 version and a 2 GB DDR3 version; the latter exists only to give the clueless people who think that more video memory is the primary determinant of how good a video card is an AMD product to buy.
Hawaii is the most interesting launch, as we'll get to see if AMD can challenge Nvidia at the high end. But the low end cards mean that $70 budget gaming cards with the latest and greatest architecture should be on the way, and that's also a welcome addition to the lineup.
The most interesting new feature is that the cards will now have the built-in capability to run three monitors without needing to use DisplayPort. Rather, pick any three monitor ports, plug in monitors, and it should just work. Sapphire had already made some custom cards to do this, but AMD is apparently bringing it to the entire lineup.