Microsoft said:

“At Xbox, we’re making massive investments to forge the future of gaming—a future that puts the player at the center of the Xbox experience. We continue to build great games for Xbox One. We continue to build out Game Pass, now with more than 10 million members across Xbox console and PC. We’re previewing Project xCloud in 15 countries so gamers can play games with their friends on any device. And we’re working hard on the next-generation of console gaming with Xbox Series X—the fastest, most powerful console we’ve ever built which includes backward compatibility with thousands of Xbox games and all Xbox One accessories. As we ramp into the future with Xbox Series X, we’re taking the natural step of stopping production on Xbox One X and Xbox One S All-Digital Edition. Xbox One S will continue to be manufactured and sold globally. Gamers can check with their local retailers for more details on Xbox One hardware availability.”

Given the Xbox Series X will be backwards compatible, if you’re in the market for a games console it might make sense to wait. Granted, the new console will be pricier than the Xbox One, but putting money towards an Xbox One at this point is only worth it if you really don’t mind about missing out on new titles in a few months.