Nvidia has unveiled its latest graphics chip which is the top-of-the-line GeForce GTX 1080 Ti. The new card is reportedly even faster than the top-end GeForce GTX 1080.

According to a post on the official blog of Nvidia, Jen-Hsun Huang, President and CEO of Nvidia, led the unveiling of the graphics chip. The post mentioned above states that hundreds of gamers were excited as Huang told them, "Are you ready?"

"It's time for something new, something that's 35 percent faster than a GTX 1080, something that's faster than Titan X Let's call it the ultimate GeForce," Huang explained to the crowd. Over 500 gamers, along with international journalists, were present during the press release.

The new graphics chip is allegedly 35 percent faster than the original GeForce GTX 1080, and it is quicker than the company's Titan X.

The GeForce GTX 1080 Ti contains 11GB of GDDR5X video memory running at 11Gbps, as well as 3,584 CUDA cores. It also has a reworked cooling system which makes it more efficient than previous GTX models as it utilizes a new high airflow thermal solution.

Its 11GB frame buffer is also reported to be nearly double compared to the GTX 980 Ti.

Nvidia said that the GTX 1080 TI offers a new seven phase power design that comes with 14 high-efficiency dualFETs. These components are said to be able to deliver better power efficiency at the highest power levels and usage as compared to earlier variants.

The Nvidia GeForce GTX 1080 Ti will retail at $699, and it will be available for purchase starting next week.