Next.js 5.0 is a significant update to the popular React framework for building universal, server-rendered, and statically pre-rendered applications. It introduces Universal Webpack, which enables powerful new use cases and extensibility by leveraging existing tools like Webpack, Babel, and Uglify. Next.js 5.0 also brings improved support for CSS loaders, TypeScript, React alternatives, and plugins, making it easier to extend the toolkit and create custom solutions. The release includes features such as Zones, which allow interconnecting Next.js apps across different repositories or servers, and Simplified Caching for Dynamic Imports, which reduces unnecessary re-downloads of code. Additionally, Next.js 5.0 introduces Fragment support, allowing for more lightweight pages and complete control over markup styling, and improved source map support on the server side. The update aims to make deployment as universal and open as possible, with a focus on continuous iteration and performance improvements.