Satya Nadella and Phil Spencer discuss Gaming at Microsoft:

Full: Satya Nadella and Phil Spencer on Why Microsoft is “All In” on Gaming - Xbox Wire
Liz Hamren, CVP of Gaming Experiences & Platforms, said Microsoft was already working on new hardware, "some of which won't come to light for years."

"Cloud is key to our hardware and Game Pass roadmaps, but no one should think we're slowing down on our core console engineering. In fact, we're accelerating it," Hamren said in a video briefing shown to press this week.

"We're already hard at work on new hardware and platforms, some of which won't come to light for years. But even as we build for the future, we're focused on extending the Xbox experience to more devices today so we can reach more people."
Microsoft says it's already working on new Xbox consoles, "some of which won't come to light for years" • Eurogamer.net