Inflation, cost of manufacture, silicon fabrication prices, so much to consider.. Just noticed that the majority of GTX1080 on OCUK are now £635 and Asus FE is £649..
As with previous cards though this is more than likely just the "launch" price and they will fall slightly over the coming months.
EDIT: Lets put this into perspective. Jen-Hsun when announcing the 1080 was stood by this projection (remember? did you watch it)
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So go back to the GTX780 that was a whopping £550 at launch while the GTX980 had a launch price of £450 (now £390) I think this where people are getting all up in arms about the GTX1080 costing.
But back to the launch image above, 2x GTX980s will today cost you £780ish.... so is the asking price for the GTX1080 at launch that bad?
Inflation isn't valid because the 980ti costs less now, and their manufacturing costs are really none of my concern unless the product gets considerably better from it. Whether it outperforms two 980s is sort of irrelevant as well if a 980ti can keep up (i'd probably even doubt it can outperform two 980s if the 980ti really can keep up). I think the 1080 is so expensive because the 980ti is supposed to stay a viable product for a little longer, wouldn't be the smartest thing for nvidia to undermine their current product range before having a solid replacement.