I kind of think what they are doing now is working pretty well for them. For a long time I thought Nintendo's biggest first party holes were shooters and RPG's. But now they have Splatoon, and a mainline Pokemon game is about to be released for a home console for the first time. They basically have all of the major bases covered now.
On top of that, they do a good job of reducing software droughts by partnering with other companies to use their IP. Mario + Rabbids and Hyrule Warriors are good examples of that. If anything they could do more partnerships with third party companies like this, but I don't think they need to buy any more studios.
curl-6 bet me that PS5 + X|S sales would reach 56m before year end 2023 and he was right.
My Bet With curl-6
My Threads:
Master Thread, Game of the Year/Decade
Switch Will Be #1 All Time
Zelda Will Outsell Mario (Achieved)
How Much Will MH Rise sell?
My Bet With Metallox