In Las Vegas, techies are congregating at the Consumer Electronics Show (CES) where technology firms present shiny new gadgets. Technology exchange traded funds (ETFs) have enormous potential to move if the news coming out of the show is earth-shattering enough.

Here are some things to look out for in the coming days:

Driven by the consumers’ increased use in high-definition Web video and digital photo sharing, computer chip makers are focusing on assembling graphics chips that will provide flashy and impressive visual performances for desktop computers, reports Ashlee Vance for The New York Times. [Semiconductor ETFs: On the Cheap?]

Flashier graphics chips could lead to a wave of upgrades and benefit semiconductor ETFs like SPDR S&P Semiconductor (NYSEArca: XSD) and Semiconductor HOLDRs (NYSEArca: SMH).

At the 2011 Consumer Electronics Show, Microsoft Corp. (NASDAQ: MSFT) will unveil a new Window-based set top box to compete with the Apple TV, writes Bertrand Vasquez for Erictric. The Microsoft TV will use a easy-to-use TV program guide, and the product will be available later this year for $200. Software HOLDRS (NYSEArca: SWH) and iShares Dow Jones U.S. Technology Sector Index Fund (NYSEArca: IYW) could benefit from the move; Microsoft is 17.8% and 9.5% of each, respectively.