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AMD on Wednesday unveiled Radeon VII, the first 7 -nanometer gaming graphics card available to consumers. Shares were sliding following the product's release. Earlier this week, rival Nvidia unveiled GeForce RTX 2060, the company's cheapest graphics card that can provide ray tracing. Watch AMD trade live. AMD fell 2.7% to $20.19 Wednesday after the company unveiled the first 7-nanometer gaming graphics card. The chipmaker on Wednesday announced the Radeon VII, a 7 nm graphics processing unit (GPU), at the Global Stage for Innovation (CES) annual event. The new chip provides twice the memory and up to 36% higher performance on average in content creation applications compared to the current top-of-the-line AMD graphics cards, according to the chipmaker. "AMD Radeon VII is the highest-performance gaming graphics card we ever created," management said in a press release. "It is designed for gamers, creators and enthusiasts who demand ultra-high quality visuals, uncompromising performance and immersive gaming experiences." However, notably absent from the Radeon VII announcement was any mention of real-time ray tracing, a niche technology that rival Nvidia is touting in its GPUs. Ray tracing allows for more cinematic and realistic visuals. Just two days ago, Nvidia unveiled a series of new products, including GeForce RTX 2060, its cheapest graphics card that can provide ray tracing. For comparison, Nvidia's RTX 2060 sports a starting price of $346 and AMD's Radeon VII will cost $700 when it's available February 7. But Radeon VII is at least $300 less than Nvidia's top GPU. Later in the first quarter, AMD is widely expected to roll out its 7 nm central processing units (CPU). The market has hope that the high-end 7nm central processing unit can help AMD grab market share from Intel, which was contending with a production delay for its 10-nanometer chips last year, Christopher Rolland, a semiconductor analyst at Susquehanna International Group recently told Markets Insider. AMD was up 72% in the past year. Now read: Nvidia is surging after unveiling new chips targeting cost-sensitive laptop gamers (NVDA) AMD and Nvidia performed wildly different during the 2018 crypto crash — here's why (AMD, NVDA) Join the conversation about this story » NOW WATCH: The equity chief at $6.3 trillion BlackRock weighs in on the trade war, a possible recession, and offers her best investing advice for a tricky 2019 landscape