Comment All raytracing is not equal (Score 5, Informative) 140
What nvidia means by "ray tracing" with their RTX thing and the AI denoiser is actually path tracing, which uses incoherent rays and actually does simulate light bounces in a physically accurate way. Effects like depth of field, soft shadows, caustics, ambient occlusion, and diffuse interreflection are a natural result of the path tracing algorithm, but have to be specially accounted for in other algorithms like ray tracing. A good reference for this is Physically-Based Rendering, by Matt Pharr. Because the rays in a path tracer are incoherent, it's an inherently noisy algorithm that requires many samples to reduce variance to acceptable levels. That's where the AI denoiser comes in - it's able to take a noisy image made with fewer path-traced samples and reduce variance to an acceptable level in realtime.
The guys over at brigade also have an actual realtime path tracer, and while the work is world-class and draw-droppingly impressive, you can see how noisy it still is.