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(Via live stream)

Updated with pricing and other details.

Microsoft just announced that its new “Xbox One X” console, previously code-named Project Scorpio, will debut Nov. 7 this year, joining the existing Xbox One and Xbox One S consoles. It will cost $499, and Microsoft’s Xbox One S will start selling this week for $249, a price drop of $50.

The company is touting the Xbox One X as the most powerful console ever made, with a 6 teraflop GPU, clocked at 1.172 Ghz, 12GB of GDDR5 graphics memory and 326 GB/s of memory bandwidth. It will support 4K video, with 8 million pixels and high-dynamic range (HDR).

Xbox One X will also be the smallest Xbox the company has built. Microsoft showed an image depicting the console at about twice the width of an Xbox One controller.

Microsoft says all Xbox One accessories and games will work on Xbox One X, and games will be more vivid with faster load times. A technique called supersampling will look better on 1080p displays, not just 4K screens, according to the company. The console uses a liquid-cooled vapor chamber normally reserved for computer servers.

The Redmond-based tech giant is competing against Sony’s venerable PlayStation franchise and Nintendo’s console business, recently reinvigorated by the launch of the Switch console.

Microsoft’s briefing at the E3 game convention is still underway, viewable via live stream above, as the company shows a series of super high-resolution games, starting with Forza Motorsport 7 and Assassin’s Creed: Origins. Sony’s E3 briefing is Monday evening, while Nintendo takes the stage Monday morning.

Developing story. Stay tuned for updates as the briefing continues.

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