This information comes from Thurrott, which indicates that the next Xbox is being developed under the codename Scarlett. However, the big news is that there won't just be a single device launched, as was the case with the Xbox, Xbox 360 and Xbox One. Instead, Scarlett encompasses an entire family of devices.
The devices will reportedly launch in 2020, but given Microsoft's previous launch windows, we should expect the device no later than around October 2020.
What is unknown, however, is what will differentiate these rumored multiple Xbox devices. One possible scenario is that we could see a “standard” next-gen entry in the same vein as the Xbox One S along with a chest-thumping 4K beast like the current Xbox One X. One other possibility is that Microsoft could produce an even lower-cost basic streaming box that is compatible with Xbox wireless controllers and only supports streaming content. This is just a hypothesis on our part, but it could be possible given Microsoft's intention to bring game streaming to all types of devices.
We should note that rumors of a so-called Xbox "Lite" have been around for years, so it could actually happen when the next generation console launches.
Microsoft says that its upcoming game streaming service will feature artificial intelligence and machine learning technology at its core and will likely be backed by the company's robust Azure cloud platform. Some analysts believe that this gaming service could turn Microsoft into a $1 trillion company.