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Nintendo Is Telling Game Publishers Switch 2 Will Be Delayed
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There's been a good amount of evidence they're working on it. Then some rumors of a dev kit being shown to publishers. And then the distinct slowdown of releases and announcements of major Nintendo IPs. So likely the plan was to announce the new console in the spring or summer for a winter/Christmas release.
They always start working on the next console as soon as one nears completion and release. It's just a question of how far along with the plans they are. If they have an approximate quarter then the hardware is probably mostly ready