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Nintendo has: EAD, Intelligent systems, Monolith, Sora, Gamefreak, The Tetris Company, Nintendo R&D1, brownie brown, NDCube, EAD Tokio, NST, Retro studios, R&D2, AlphaDream, Ambrella, Clever Trick, Fuse Games, Genius Sonority, HAL, Nexon, Noise, Param, Saru Brunei and Skip ltd.

Nintendo could just go out and buy another 100 studios, but these guys all make relatively good games(EAD, Intelligent Systems FTW).

And, ofcourse, Miyamoto alone could count for 500-600 studios if you look at creativity;)