The next Xbox may have the silicon for running Xbox One and Xbox Series X and 360 games natively, no emulation required.

Jez Corden on an episode of Xbox Two Podcast:

I can pretty much confirm I’m—I’m like, maybe I may be like two or three sources off writing a report on this, but the next Xbox is like 100% [...] running your console games. Because I’ve seen that fear out there a lot at the moment, where it’s like, oh my god, the next Xbox won’t run console games, it’s only going to be a PC, it’s going to be like the ROG Ally, it’s going to be made by ASUS. You know, because Tom put in his article something like, “I believe Microsoft will still make their own hardware.” [...]
But Xbox—here’s the thing—is, Xbox has said a lot of things in the past. Like, when Tom says, “I believe they’re going to make it,” that exposes an issue with Microsoft’s messaging, in that people don’t really trust what they say anymore because they’ve gone back on their word so many times. But, you know, which is again why I’ve been told by a bunch of people: the next Xbox has the silicon for running Xbox One and Xbox Series X and 360 games natively. You know, at least what’s in the backwards compatibility program. And then, everything you own on Xbox One and Xbox Series X and S—those will all be playable on the next Microsoft Xbox.
But I would not be surprised if there is an ASUS ROG gaming all-in-one, that also is just a PC—like Tom said. And to be fair, Tom was one of the first people, I think, who officially reported on the idea of third-party Xbox hardware. Um, I think I didn’t believe it at the time. I cynically didn’t believe it at the time. Butthe more I looked into it, I was like, “Oh [__] yeah, he’s right.”

(Tom, in this quote, is Tom Warren from The Verge.)

I've got to admit, I struggle following Microsoft's plans for whatever the next Xbox is supposed to look like.

At first, we had rumors that Microsoft was working on a first-party Xbox handheld, only for them to showcase the Xbox ROG Ally. Then came the leaks that the first-party Xbox handheld is dead after all.

At this point, whatever the next Xbox will be, handheld or not, I believe Microsoft is trying to transform their gaming platform into the Android of video games. There will be official hardware, such as Google's Pixel phones, and then third-party manufacturers can go to town and try to put their spin on it.

It remains to be seen if any of this comes to fruition, as the next console generation is at least two years out, but I hope at least Microsoft knows what they are doing.