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I don't see Nintendo as a direct competitor to the others anymore. They are going in a completely different direction soon with QoL and if it turns out to be a big success I think they will move away from the core home consoles and just focus on that along with handhelds.

MS and Sony both need each other. Both companies have done plenty of stupid things and needed a kick in the ass from each other to keep in check. It would be a huge blow for the industry if either of them ever left for whatever reason.