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Branch, there's a reason why Volta was pushed back (and Pascal didn't exist on engineering slides until a year and a bit before release). Vulkan\DX12 caught Nvidia with their pants down, so Pascal ended up being a Maxwell+ arch to use as a stepping whilst Volta is rearchitected.
The slide below is from GTC2014
The slide below is from GTC 2015
In 2013, Volta was present but it's HMC design stalled somewhat.
In 2014 (that would be almost 3 years ago, Volta had disappeared from the road map.
In 2015, Volta reappeared and it seems very much for a late 2017 release, though it's far enough to be 2018.
So really, Vega, DX12 etc has got nothing to do with Volta. The memory arrangement affected his position.
Please bear in mind that the only reason Titan X is £1100 is because AMD have NOTHING to touch it with. Nvidia couldn't care less about DX12 and Vulkan for it's GFX cards - their own mid range GP104 (not GP102 and not GP100) is still top dog.
Nvidia by your own definition (a revamped Maxwell masquerading as Pascal) don't even need to try to stay King of Cards.
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