Sony Computer Entertainment, Toshiba and IBM announced today they are teaming up on a $400 million project to develop a “supercomputer-on-a-chip.”

Code-named “Cell,” the new microchips will employ the world’s most advanced chip-making techniques, including copper wires, silicon-on-insulator transistors and low-K dielectric insulation, with features smaller than 0.10 microns.

The result will be consumer devices that are more powerful than IBM’s Deep Blue supercomputer, operate at low power, access the broadband Internet at ultra high speeds, and deliver “teraflops” of processing power.