Android Studio emulation error: HAX is not working and emulator runs in emulation mode

First time using Android Studio, and while playing around with Virtual Devices, I tried running one. I allocated less RAM than in the HAXM installation, and I get the same error.

 Creating filesystem with parameters:
    Size: 69206016
    Block size: 4096
    Blocks per group: 32768
    Inodes per group: 4224
    Inode size: 256
    Journal blocks: 1024
    Label: 
    Blocks: 16896
    Block groups: 1
    Reserved block group size: 7
Created filesystem with 11/4224 inodes and 1302/16896 blocks
emulator: device fd:976
HAX is not working and emulator runs in emulation mode
emulator: The memory needed by this VM exceeds the driver limit.
creating window 36 48 270 481

If it helps, I am running Windows 8.1, CPU: Intel i5-3470, 4GB RAM.