That is awesome! I wish more software and games would be GPU agnostic as nVidia in some ways has a monopoly of sorts when it comes to game software supporting them with their Hairworks features and such etc. Really makes me miss the old days (pre 2005) when their wasn't artifical gimping of video card performance with nVidia's shenanigans.
I want to see that demo ACTUALLY run real-time. As it stands right now - I'd bet my ass it's pre-rendered. The quality is too crisp and clean, the sample rate is obviously higher than what's used in games. It's 100% pre-rendered, especially considering 4K and the framerate.
BUT... can raytracing actually be done on a mainstream GPU? Yes, absolutely. I've rendered CG on GPUs for years. It's just that it's very very slow... Well, the quality stuff is. The pathetic sampling rate they use in games is obviously faster to render.