WI: Earlier Nintendo-Philips partnership?

So I'm sure that some of you have heard of the SNES-CD by now. It was going to be a collaboration between Nintendo and Sony, with Sony making a all-in-one hybrid console called the PlayStation, until Nintendo dropped Sony out of the project, and instead went with Philips to make the add-on, instead resulting in the YTP fodder Mario and Zelda CD-i games, however. Sony would later go on to produce the PlayStation as a system to compete with Nintendo and Sega, which would go on to become a success and outpass both companies, including Sega, relegating them to 3rd place in the console wars.

But what if Nintendo saw their initial contract with Sony earlier in 1988, and had dropped them there in favour of Philips to work on the SNES-CD? How would that happen? What effects would that have on the game industry? How would that affect both Sega and Sony?
 
The cartridge SNES would still include the SPC700 sound chip, as that had already been finalized by then. Super Mario World, Final Fantasy IV and A Link to the Past are still cartridge SNES exclusive titles ITTL.
 
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