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I think ray-tracing has been an incidental side-effect of Nvidia finding out the ray-tracing algorithm ran well in their tensor cores. Imagination and a few other startups did it years before but they were no threat to Nvidia or RTG at that point.

When you think about it, except for DLSS, Nvidia has been quite barebones in terms of graphics middleware as of late. Once statistical/neural rendering becomes a feature of game engines, I imagine it will fade to the background just like it happened with PhysX extra features.