UPDATED: The PlayStation 4 will arrive Holiday 2013.

No more rumors. No more speculation. No more guesses. The PlayStation 4 is Sony's next gaming console.

Announced today during the PlayStation Event, Andrew House, President and Group CEO of Sony Computer Entertainment, revealed today the company's upcoming console.

House stated that the PlayStation 4 will have an X86 CPU and 8GB of memory on a local hard drive. The console will also have GDDR5 memory that will "further boost GPU performance."

At the press conference, the PS4 showed the Unreal Engine 4 running in real time.

No price has been announced as of yet.