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According to a report today out of Barron's, supply chain rumors have Google choosing to go with the Qualcomm Snapdragon S4 Pro Processor with Adreno GPU for the 2nd generation Nexus 7. According to Pacific Crest Analyst Michael McConnell, - “Supply chain conversations indicate two reasons for Google’s selection of the Snapdragon APQ8064 over Tegra 4 (Nvidia): (1) competitive pricing and (2) a decision to single-source the application processor and 3G/4G modem to simplify logistics and create a fully pin-compatible platform interface.”
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The Snapdragon S4 Pro is the next generation Snapdragon SOC consisting of Krait CPU architecture coupled with Adreno 320 graphics and while available in both dual and quad core versions is expected to use the quad core in the new Nexus 7. Benchmarks of the S4 Pro show substantial improvements on all benchmarks when compared to the Nvidia Tegra 3 and the Snapdragon S4 Pro should also compete well with the Tegra 4. It's not clear what speed or exactly what version of the S4 Pro processor will be used at this point and keep in mind this is just a supply chain rumor at this point. For more info on the S4 Pro Toms Hardware (http://www.tomshardware.com/reviews/snapdragon-s4-pro-apq8064-msm8960t,3291.html) recently had a nice benchmark review and comparison article that you'll want to check out.
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Barrons (http://blogs.barrons.com/techtraderdaily/2013/02/06/nvda-slips-pac-crest-cuts-tegra-estimates-on-apparent-loss-of-goog-nexus-7-tablet/)