Also during its E3 2016 press conference, Microsoft announced an upcoming hardware refresh of Xbox One codenamed "Project Scorpio", which is scheduled to be released in late-2017. The console will be a high-end model with upgraded hardware; in addition to 6 teraflops of graphical performance, "Scorpio" will feature an eight-core CPU with 320 gigabits of memory bandwidth. The hardware is meant to support 4K gameplay, as well as virtual reality. Xbox division head Phil Spencer stated that Scorpio was designed as a response to the growth of 4K gaming and VR in the high-end personal computer market, and that existing Xbox One games will experience performance improvements. Spencer stated in an example that Halo 5: Guardians, which uses a scaling system that dynamically lowers the game's resolution when needed to maintain a consistent frame rate, would be able to run at its native resolution with no scaling on "Scorpio". All existing Xbox One games and accessories will be compatible with the "Scorpio" console.