Microsoft Corp. (MSFT) has entered a multi-year strategic partnership with Advanced Micro Devices, Inc. (AMD) to co-develop custom chips for its product lineup, including next-generation Xbox consoles.

The upcoming Xbox will support multiple devices, third-party game stores, and backward compatibility. Built on Windows and powered by AMD, it marks a shift to an open and unified gaming ecosystem

Microsoft has no plans to get out of the console business anytime soon. The company has been reiterating for a while that it's going to make at least one more generation of Xbox consoles. It's now been confirmed that AMD will power the upcoming hardware,