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Graphics of games seems to have stalled and outside of gamers no one really seems to care. I don't see many people upgrading their PC since frankly there's no need. I still use a 5770, that's a card from like 3 years ago and it wans't even a fast card and I can play almost any game.
Nvidia and ATI won/'t upgrade their graphics cards until the end of this year, they were supposed to bring out new cards but they won't. http://www.tomshardware.com/news/Radeon-GeForce-Delay-GPU-Next-Generation,20838.html (confirmed by ATI so it's not a rumour)
Nvidia isn't even focused on PC anymore, if you watch them at CES and other events, they are constantly talking about their Tegra processors for mobiles phones and tablets, PC are quickly mentioned in between them talking about mobile devices, it's really no longer a priority for these guys, their focus is mobile, not PC.
Then there's the question of what drives anyone to upgrade their PC if anything at all.
You used to need to upgrade your PC for more than games, a PC from a few years ago had issues playing HD video, PC right now could do 8k video without blinking. They're powerful enough for video conferencing, for streaming video, for most graphics suites, for most scientific programs, they're GOOD ENOUGH for the majority of people. There is no real reason to want a faster PC unless you're a gamer or are using extremely demanding programs.
I can upgrade my PC but why? It can do everything I throw at it, I'm not upgrading a $1000 machine just to see slightly improved shadows in a game.
Then there's the next gen consoles, they aren't the big upgrades in terms of hardware everyone was anticipating, Sony and Microsoft said they will focus on content delivery and home entertainment, not just specs.
Isn't is possible that graphics simply aren't being improved at all, since it's so hard, PC are really not evolving at the same pace (I have been using PC for years, they really aren't progressing as fast as they used to). To improve graphics you would not need twice the power as before, you now need 20 times as much power before people even notice a difference.
Don't you think it's possible that what you see now is pretty much it for a long time. Nothing seems to be driving upgrading a PC at this point.