@sv8 wondered about the Ultra (and possible quad-chip M3) being on N3E. Their reasoning was incorrect, but I noticed something just a little while ago that bears on that.
Looking at the Max's die shot, where is UltraFusion?? Did they just hide it (IIRC they did in some of the early pictures of the M1 Max)? If so it would have to be at the bottom, under the GPUs and SLC/RAM controllers, which is reasonable.
But what if there's another explanation?
They've already changed their pattern (if two generations makes a pattern) - the Pro and Max are clearly quite different from each other, not sharing nearly as much of their design as previous generations. Perhaps the chip that will be the basis of the Ultra is NOT the Max, this generation. Maybe there's no Ultrafusion connector in the M3 Max die shot because it doesn't exist.
This would be pretty surprising - I wouldn't expect them to do a whole new floorplan for chips making up an Ultra, as it would seem to be way too low volume for that. But... They obviously know a lot more than I do, maybe they see a good reason to do this. Maybe they count it as another learning step towards a future full of high-density chiplet interconnects, and therefore worthwhile just for that.
Maybe they need to do more work because they want it to go 4-way as well as 2-way?
Anyway, N3E vs. N3B is a sideshow for this, but: If they have to design M3-class CPU, GPU, and NPU cores for N3E anyway (for the A18, and maybe an M3+?), AND they have to do a separate design for M3 Ultra+ chips, maybe the added cost of redoing the entire M3 Ultra chip on N3E doesn't seem so crazy to them.
If this entire chain of speculation is correct, then we could see N3E M3 Ultras in 2024. Otherwise, it's a near certainty that we'll see M3 Ultras on N3B.