I doubt it. It seems PS4 still hasn't peaked, and in fact this years seems to be its best so far, so killing it so soon after its peak seems too early. Obviously it's not going to die so immediately when the next PlayStation comes out, but I imagine Sony still wants to wait longer before eating away PS4's profits with a new console.
Also, Microsoft must be fully aware of the situation. Obviously they're not just going to release a new console without analyzing the competitors' launch possibilities as well. It kind of seems they're getting away from traditional generations and moving more towards a more continuous model. There might not even be a new generation of Xbox consoles. Instead, Xbox One X is the next step, then in a few years they'll release the next step, and so on. In such a release cycle, the importance of new consoles isn't as big as it is now, so a PS5 wouldn't be such a threat anyway. Of course this can be a risky strategy as it's largely untested, but Microsoft doesn't seem to be faring too well against Sony even when Sony screws up terribly (PS3), so Microsoft needs to come up with something new.
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