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Well are you planning to do anything other than gaming? streaming or editing video for example? if so, I would stick with ryzen, but for a purely gaming workload, I would get an i5 or something of the like

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There is no i5 8500 currently known. Only the i5 8400 and i5 8600K. The 8600K's suggested price is about 300$ whereas the 8400 is likely coming in around 200$ according to the leaks. Now, all well and good but those lack HT (while Ryzen gets a 30% boost in MC workloads due to SMT). Additionally, the 8400's clockspeed is lower than what Ryzen is capable but unlike Ryzen, the 8400 will be locked meaning it won't be overclockable and considering the fact that it's almost certain that Coffee Lake is Kaby Lake on 14nm++, the R5 1600, with a modest OC on any B350 board, will be equal or faster than the i5 8400. The 8600K will likely be faster once overclocked HOWEVER you WILL need to delid as it's confimed that Coffee Lake will use the same horrible TIM that makes Kaby Lake have heat issues and throttle.

TL:DR - the 8400 will be a flop, the 8600K will be good but expensive and will require a delid for any overclocking.
Yes, the R5 1600 is currently the best value CPU on the market. It offers imilar performance to Intel's i7 7800X overall at a fraction of the cost

 

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