Talking about next-gen console rumors seems a little early, considering that mid-cycle updates haven't rolled out yet. Still, the latest information about Microsoft and Sony's next-gen consoles is already buzzing in the press. So, let's get started.

Anonymous insiders told the YouTube "Moore's Law is Dead" (MLID) channel that Microsoft has canceled its mid-cycle upgrade plan for the Xbox series code-named Xbox Elite. The channel's host TomN/A said that before Xbox canceled the plan, AMD was already developing "late-stage" chips for the updated game console.

Additionally, it took Microsoft a long time to sign contracts with next-generation chip suppliers. Tom pointed out that it is common for Xbox to "shopping around" with other suppliers to get AMD to offer better prices. However, there has been no progress yet. This time, Xbox may seriously consider switching to Intel.

Meanwhile, Sony is already preparing for the future of its consoles. Last year, the PlayStation 5 Pro (whatever it ended up being called) ran out of chips. The chips are being stored in a warehouse, waiting for Sony to use them for Pro upgrades. While Sony has yet to confirm a release date for the PS5 Pro, AMD insiders told MLID that they expect the PS5 Pro to be released during the 2024 holiday season.

As for next-generation plans, Tom can "100% confirm" that AMD has signed a contract to produce chips for the "PlayStation 6 family". However, the source could not provide any details about the next-gen hardware specifications.

Part of the PS6 family is the Vita2, which MLID also confirmed is in the "early development stages." Sony has finally realized that PS Portal isn't the answer to the resurgence of the handheld gaming craze.

As with the PS6, industry insiders are also tight-lipped about the chips AMD designed for the Vita2. However, MLID speculates that Sony's handheld computer may use an 18CU SoC to maintain backward compatibility with PS4 digital games. What about PS5? It's certainly possible to make the Vita 2 backwards compatible with the PS5, but doing so would cannibalize Portal's business, plus the existing PS4 game catalog is much stronger than the PS5.

Companies tend to be tight-lipped when it comes to new hardware releases, so don't have any illusions about official news from either Sony or Microsoft about their next-gen devices.