Recently, Steam Deck designer Lawrence Yang answered a question in an interview about whether Valve plans to release a new model of the console in the near future. For reference, the original version was released in February 2022, and the OLED version in November 2023.
We really do want to wait for a generational leap in compute without sacrificing battery life before we ship the real second generation of Steam Deck, but it is something that we're excited about, and we're working on.
He also mentioned that Valve is not interested in releasing new models of Steam Deck annually, as some competitors do. According to him, it would be «not quite fair» to customers.
Thus, Valve is still waiting for a substantial performance boost without compromising the device's battery life before releasing the second generation of Steam Deck.