In line with earlier rumors, Microsoft on Wednesday invited members of the press to an event next month for its next-generation Xbox gaming system. The new console is rumored to be equipped with an 1.6GHz 8-core AMD processor, 8GB of RAM, an 800MHz graphics processor, a Blu-ray Disc drive and Gigabit Ethernet connectivity. The next-generation Xbox is expected to be released in time for the holiday season. Microsoft will announce the system at a press event on May 21st in Redmond, Washington at 10:00 a.m. PDT.