Graphics specialist NVIDIA (NASDAQ:NVDA) is entering the portable gaming market with a new handheld device that consists of a controller game pad, a multitouch display, and integrated speakers. It will run on Google's (NASDAQ:GOOGL) Android operating system. The company's newest Tegra 4 processor that was also announced over the weekend will power Project Shield.

Source: NVIDIA.

In addition to playing mobile Android titles, gamers will also be able to play Microsoft (NASDAQ:MSFT) Windows PC games streamed over Wi-Fi from some of NVIDIA's newest Kepler-based GeForce graphics cards. The company has already garnered support from industry analysts and game developers.

CEO Jen-Hsun Huang said the initiative was "inspired by a vision that the rise of mobile and cloud technologies will free us from our boxes, letting us game anywhere, on any screen."