After Effects error: Ray-traced 3D: Initial shader compile failed (5070::0)

Issue:

When starting After Effects, you get the error "Ray-traced 3D: Initial shader compile failed (5070::0)".

A warning indicates that you have a newer NVIDIA card installed that does not support the acceleration of ray-traced 3D applications. This is a feature that is no longer being developed, so it is not an important one to be concerned about.

NVIDIA GPUs that are not supported for acceleration of ray-traced 3D compositions include: 

• GTX 750
• GTX 750 Ti
• GTX 960
• GTX 970
• GTX 980

Workaround:

Workaround 1

• Click OK in the warning message dialog box and use Cinema 4D Lite instead of ray-traced 3D compositions.

Workaround 2

If your GPU is supported for the acceleration of ray-traced 3D compositions, and you still get the warning, do the following:

• If your GPU is on the systems requirements list for the acceleration of 3D compositions (see here), then update After Effects to the current version.

• If you have a legacy NVIDIA (non-Maxwell) card that has over 1 GB VRAM, yet is unsupported, you can choose Enable untested, unsupported GPU for CUDA acceleration of ray-traced 3D renderer under  Preferences > Previews > GPU Information.