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Asriel said:

This article is a few years old, but it's the most comprehensive analysis of this topic I've come across. Basically it posits a combination of a) changes in the industry such as the rapid development cost/team size expansion catching Rare out b) Rare underestimating how much of their own success was down to their relationship with Nintendo and c) Microsoft not providing the kind of support Nintendo did.

Who killed Rare?

Quoting myself because people are ignoring an in-depth report that examines what actually happened.