Hewlett-Packard (HP) announced its first 3D printer on Wednesday which introduces a new printing process they are dubbing “Multi Jet Fusion,” a move that caused the stock of rival 3D printing companies to drop.

In a technical white paper HP released with the announcement, Multi Jet Fusion is the use of Thermal Inkjet arrays combined with fusing and detailing agents which ensure the 3D image is properly formed and will hold together. Multiple types of liquids are layered and added with precision on a minute scale.

“HP’s Multi Jet Fusion technology can offer new levels of part quality, 10 times faster and at breakthrough economics relative to similar systems in the marketplace today,” said HP.

Once HP made the announcement, the stock of other 3D printing companies dropped, including that of Stratasys, 3D Systems, Voxeljet, and ExOne.

Stratasys CEO David Reis says he does not know if HP’s claims of an overall superior-quality 3D printer will be the reality, but he has faith in his company: “Stratasys has a very large team of R&D [research and development] people, and we’re working day in and day out to develop new products. By the time HP will come to the market with their product, I think we’re going to be ready,” Reis said in an interview with CNBC.

HP plans to start testing the printers with select customers later this year with full availability in 2016.

Reis confirmed new Stratasys products would be announced at an upcoming November conference.

“Our products, which are going to come in the next few years, I think are going to give a good fight to HP and any other competitors which are going to join the market,” said Reis.