Nowhere near XDMA.
The point is it's not just bad drivers, as the problem occurs on Kepler and that's been around for awhile now.
I think I disagree with HardOCP's conclusion that XDMA vs. SLI is the culprit. 4K for NV has been a sore point for a long time now, and it's probably more related to their 4K SLI drivers and some hardware bottleneck.
Even 280X CF trades blows with Titan Z / 780 SLI at 4K in some games.
If XDMA was the primary factor, 280X wouldn't' be that close at 4K. 970 SLI's advantage at 1080p/1440p fades away against 290s once at 4K despite 970 having 64 ROPs like the 290s. If you look at 290X vs. 780Ti single benches, 780TI is pretty fast but falls off in SLI. CF driver scaling is simply better than SLI in recent years and it only gets worse for NV once you add 3rd and 4th GPUs.
Look at Bioshock Infinite where NV has won historically (780Ti, Titan Black > 290X) but the minute you are comparing SLI vs. CF, 290Xs win.
Anyone who has followed 4K benches would have known that for the last 11 month 290X CF > 780TI SLI and NV needed 980s to catch up and barely surpass 290Xs. Once 390X comes out, 980 SLI will not be competitive for 4K/multi-monitor gaming. NV will have GM200 to respond and use price drops on 970/980 to capture the key 1080P/1440p and below markets. With AMD already on 64 ROPs, they need to just focus on adding as many stream processors and texture mapping units as possible, while doubling their geometry performance - their biggest bottlenecks now.