Could the Xbox Series S be MS entry into a Handheld Device

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It's not quite as simple as just GPU power either, as there are lots of other factors that would affect how viable it would be; bandwidth, SSD, CPU, battery life, heat generation and cooling, and size are all issues for a handheld device.

Even if you hit your performance target, it won't be very appealing as a mainstream portable device if it is bulky and has poor battery life.