According to reporter Jez Corden, Xbox would be working on one portable console presumably cloud. The information was given during the last episode of the Iron Lords Podcast, from which unfortunately no other details emerged.
Corden specified that the nature of the console is his speculation and therefore has not hinted at it. However it would be really difficult to launch a portable machine even as powerful as the Xbox Series S without costing an arm and a leg … let alone look at the Xbox Series X. So it’s clear that the Redmond house, in case the whole thing is confirmed , could focus on a cloud solution, even so as not to force developers to have to optimize for a console much slower than the others.
It is fair to reiterate that at present these are all speculations and that there is nothing confirmed, so it is better not to rush too much. However, if it really does exist, it would be a great alternative solution for playing Xbox titles on the go. Consider that it is already possible to do this by installing the Xbox app on a smartphone.