Virtual computer runs on no hardware

Word has it that the Massachussetts Institute of Technology (MIT) and giant notebook manufacturer Quanta are currently collaborating on a “virtual computer that can run without any hardware”. This sounds like Virtual Machines that would run from a server and require only a keyboard and a TV on the user’s side. If that’s true, it’s simply a poor way of communicating about this, because “running without hardware” is rather confusing and false.