Valve has been working on their official Steam Machine, but the project has been delayed. We should expect to see the Steam Machine sometime in 2015. In the meantime it looks like NVIDIA is working on a direct competitor to the Steam Machine.
According to BBC News NVIDIA is working on a new gaming device that will connect to your TV via an HDMI port. This device will be a SHIELD follow up, but possibly in a different form factor made for the living room. Just the the SHIELD this new device will be able to stream games directly from your PC, that is if your PC is running an NVIDIA graphics card.
It is said that this new device will be running NVIDIA’s K1 SoC which includes an ARM powered CPU core and 192 core GPU. The device is said to be running Android much like the SHIELD. There have been rumors of a SHIELD tablet, or NVIDIA could announce a few different SHIELD follow-ups, we will just have to see.