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Yes. But then they will release it only in the mbp in spring, and put it in the studio first in 2027 if they continue the pattern they have had for some time. so once you actually have a m5 ultra on your desktop, competition is on next gen nvidia. And also the m6 max almost beats the m5ultra. Especially since there will be a node switch. With this candence, i am amazed anyone buys the desktops or ultras at all
The Studio M3 Ultra being one generation behind what is current at launch was hopefully a one-off thing. They only alluded that there might not be an Ultra for each generation, not that it would always be launched on an older M generation. So I would not rule an M5 Ultra out, although it might come a couple of months after the M5 Max to bin the chips for it.

There is also the weird state of the Mac Pro to account for, maybe that will get the M5 Ultra for WWDC 2026?
 
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