AMD has cut prices of its Radeon R9 290 and R9 290X GPUs. The Radeon R9 290 has dropped from its previous $399 price to $299, that's $100 off. Meanwhile the R9 290X dropped from $549 to $399, a drop of $150. The new prices represent a price drop of about a quarter for both of these graphics cards.
Apparently not all US retailers have implemented the cut as yet and in the UK I've just had a look at my price charts (and a few retailers) and see no proportional price drop in evidence. Newegg in the US has several R9 290s and R9 290X cards listed at the new prices but "more exotic variants" with custom coolers etc haven't budged so much yet. Amazon.com has also cut prices.
AMD's price cuts follow shortly in the wake of the launch of Nvidia's new GeForce GTX 980 and GTX 970 cards. These have been warmly received by users and reviewers. The latest-generation Maxwell architecture in these Nvidia cards lowers power consumption, temperature and noise yet provides great gaming performance.
The Tech Report says that AMD's discounts could bite as Nvidia GeForce GTX 980 and GTX 970 cards are widely out of stock, either that or you have to pay a premium to get one. So AMD must hope that its freshly cut prices will help make a few more sales while Nvidia hopes buyers can have a bit of patience while GeForce GTX 980 and GTX 970 stock gets replenished.