What happened Chinese tech stock iQiyi (NASDAQ: IQ) was a rocket on Wednesday. The shares were zooming nearly 11% higher in mid-afternoon trading on the back of news regarding a new piece of hardware. So what After U.S. market hours on Tuesday, iQiyi unveiled its latest virtual reality (VR) headset, the QIYU 3, in a splashy, live-streamed event. Image source: Getty Images. The new device has a big set of bells and whistles to attract gamers and viewers wanting to push the technological envelope. Among other features, iQiyi is touting the set's iQUT feature cinema, which it says provides a 2,000-inch screen that matches the collective display of 20 80-inch TVs. More synergistically, QIYU 3 can run cutting-edge video standards such as 4K, 3D, and 8K at 60 frames per second. The company says this gives the device "industry-leading picture quality" -- all the better to broadcast Chinese streaming video king iQiyi's ever-growing library of content. Now what iQiyi isn't wasting any time with the QIYU 3; in the press release touting its launch, the company said it will be available starting this Friday, Sept. 3 on Chinese e-commerce sites Tmall.com and JD.com. It did not specify a suggested retail price. Early purchasers of the device will receive 30 premium video games for free, iQiyi said, although it did not provide any details. We can expect many more VR products and content from the company. In the press release, iQiyi also said it intends to "further invest in content, platforms, and hardware as it cements its position as an industry leader that delivers premium multi-sensory experiences to users." 10 stocks we like better than iQiyiWhen our award-winning analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* They just revealed what they believe are the ten best stocks for investors to buy right now... and iQiyi wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of August 9, 2021 Eric Volkman has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends JD.com. The Motley Fool recommends iQiyi. The Motley Fool has a disclosure policy.Source