Surprise! Nvidia to Launch Gaming Console

video gamesNvidia (NASDAQ:NVDA), a maker of omputer graphics technology, made a splash at the Consumer Electronic Show (CES) in Las Vegas over the weekend by unveiling its own gaming console.

Dubbed “Project Shield,” the console is a handheld video-game device featuring a five-inch screen. The console runs on Google‘s (NASDAQ:GOOG) Android operating system and can play Android gaming apps from Nvidia’s Tegra Zone app store, CNET noted.

Despite the announcement, shares of Nvidia fell more than 2% in Monday morning trading.

The console allows users to increase memory and load games via micro-USB and microSD cards, and it can export video to TVs through an HDMI connection. The console will run on Nvidia’s long-anticipated Tegra 4 processor, which was also unveiled at CES. The new chip offers 4G LTE connectivity, among other new features.

While the console will be renamed prior to hitting stores, Nvidia said it expects to launch the device during the second quarter of this year.

In addition to the new handheld console, Nvidia also unveiled a new cloud-based technology that permits its graphics chips to identify and activate the best possible settings for individual computers.

Nvidia competes with other graphics chipmakers like Intel (NASDAQ:INTC), Qualcomm (NASDAQ:QCOM) and AMD (NYSE:AMD).

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