A replacement Apple TV is rumoured to drop soon. It is rumoured to have the A17 Pro chip and possibly retail at $99!
Will this be powerful enough to get Ultra performance?
Hard to guess (I have no inside info about it) but Apple devices with the A18 and A19 chips are still on the Basic profile and the M series CPUs didn’t get it for years after release
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Probably unlikely. But for zwift imagine being able to run the ultra profile on a device that costs around $100 with the reliability and portability of the ATV device.
If Apple raises the Bluetooth connection limit, even by one slot, that would be the biggest win for Zwift users 
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Agree, but most newer trainers come with bluetooth bridging, so less of a future problem. But it’s definitely a current problem.
I have the first-gen 4k and may well upgrade when the new one comes out. I’m not expecting any uplift in graphics profile from Zwift though, and speaking purely for myself that doesn’t bother me at all.
A BT upgrade with more devices would be nice, but I’m not holding my breath for that.
I lost count how many times i’ve seen people ask if ATV will get a graphics bump - not a hint of Zwift doing anything so not holding my breath, even with an even more powerful processor.
When all you’ve ever used is ATV, thats just visually what you’re used to so its no bother….until you see a video on Youtube of someone Zwifting clearly using a PC and then you’re like…damn, that looks so good 
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I have an 2nd gen ATV and a dedicated zwift PC with ultra profile, solid 60 FPS. I still use the ATV more. The additional things like pip, ability to use other apps, music, messages etc make it a more “rounded” offering. But if it could get better graphics it would be great. But I do think it’s probably unlikely.