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Intel wants to move to raytracing to take advantage of it's upcoming multi-core CPUs since raytracing is highly a parallel task. In the realm of parallel computing nvidia is already king. Like Jim said, it's called CUDA and it allows people to write C programs to run on the GPU. Game physics, video encoders/decoders, and scientific and engineering simulations are already being ported to CUDA. In some cases users see a 10x performance increase compared to the CPU version.
Intel is the company playing catch-up here. They've been stuck in a single threaded world for too long; now they're worried about how to effectively program their multi-core CPUs of the future.