It could be an Arm-powered hybrid game console.
New details of the next-generation Xbox have been leaked in the documents from May 2022 unearthed during the FTC vs. Microsoft trial. There, Microsoft describes it as a "hybrid game platform capable of leveraging the combined power of the client and cloud to deliver deeper immersion and entirely new classes of game experiences."
The device should be powered by ARM64 or x64 (Zen 6), with AMD's Navi 5-based GPU or the one co-designed with AMD. It will support next-gen DirectX ray tracing, dynamic global illumination, and upscaling. It will also balance flexible ML silicon and high performance.
Microsoft is planning to release the device in 2028 if these documents are to be believed. Moreover, we might get more than two versions of the next-gen Xbox, like with Xbox One and Xbox One X as well as Series X|S.
"We need to be even more flexible going forward with gen 10, but also provide the ability for creators to take advantage of unique hardware capabilities."
Overall, we should expect to see a flexible console aiming to marry the cloud and offline capabilities sometime in 2028.
This trial has unveiled many secrets so far. We may see a new Doom entry, Dishonored 3, and remasters of The Elder Scrolls IV: Oblivion and Fallout 3 one day soon as well as The Elder Scrolls 6 after 2026. And then it's time for a new Xbox if everything goes well for Microsoft.
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