By Raghav Chandak
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Software giant Microsoft will host a May 21 press event, where, according to many analysts, the firm will unveil Xbox 720. The console would then get a full airing in June, at the E3 conference in Los Angeles.

When the next-generation Xbox arrives, it will likely come with the same eight-core AMD chips being used by Sony’s (SNE) rival PlayStation 4.  Microsoft (MSFT) will be making the switch from IBM (IBM) chips to AMD chips because it wants to “cut the cost of building machines and get developers to create more titles.” Bloomberg says that game developers will benefit from having common specifications for next-generation consoles since it should become easier to develop across multiple platforms. The next-generation Xbox is rumoured to feature an 8-core 1.6GHz processor, 8GB of RAM, an 800MHz graphics processor, a 50GB 6x Blu-ray Disc drive, and Gigabit Ethernet connectivity.