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I believe the actual time line of MS' entrance into the game business went like this:

MS offered Sony a chance to put Windows on the Playstation. Sony refused.

MS then offered Nintendo the same deal. Nintendo said no.

MS then offered to buy Nintendo for $25 billion. Nintendo considered this but eventually declined.

It was only after that that that that the XBox project got a full greenlight to go.

So who knows, if Nintendo back then had said yes to Windows on the GameCube or a Windows kernel, much like the Dreamcast had, the XBox probably wouldn't even exist.

The funny thing is Bill Gates after all that was not happy with the XBox console because it didn't actually run Windows either, lol.