It’s been a busy week for Nvidia and today they have confirmed the specifications for their Pascal based GTX 1070.
There are quite a few differences between the 1070 ($380 USD) and the 1080 ($600 USD) including slower memory, a reduced number of CUDA cores down from 2560 to 1920, and lower GPU clock speeds.
This is the cheaper version of the new cards so all this is to be expected. Think of this as a replacement for the GTX 970.
The GTX 1070 will release on 10 June.