Microsoft has announced its next-gen console, nicknamed Project Scarlett. It'll launch "holiday 2020", Xbox chief Phil Spencer just announced here in LA at the Xbox E3 2019 press conference.
It'll a custom "Zen 2 and Navi processor" from AMD, and clock in around four times the power of Xbox One X. It'll support up to 8K visuals and frame-rates up to 120 FPS. Microsoft also mentioned it would support ray tracing. And, like PS5, it'll have an SSD for faster loading.
Project Scarlett will support four generations of content, too - (presumably, next-gen, Xbox One, 360 and original Xbox).
And, finally, it will launch with Halo Infinite.