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Pemalite said:

To play devils advocate, Microsoft has more studios than Sony now...

I'm pretty sure they have the same number of studios, as CGI also said. Unless Wikipedia isn't updated?

But you're right that we haven't yet seen the effect of all MS studios developing XB exclusives.

PlayStation Worldwide Studios:
1. Bend Studio (Days Gone)
2. Guerrilla Games (Horizon: Zero Dawn)
3. Insomniac Games (Spider-Man)
4. Japan Studio (Astro Bot: Rescue Mission)
5. London Studio (Blood & Truth)
6. Media Molecule (Dreams)
7. Naughty Dog (The Last of Us: Part II)
8. Manchester Studio (unannounced PSVR game)
9. Pixelopus (Concrete Genie)
10. Polyphony Digital (Gran Turismo Sport)
11. San Diego Studio (MLB The Show 20)
12. San Mateo Studio (unannounced game)
13. Santa Monica Studio (God of War)
14. Sucker Punch Productions (Ghost of Tsushima)

Xbox Game Studios:
1. 343 Industries (Halo Infinite)
2. Compulsion Games (We Happy Few)
3. Double Fine (Psychonauts 2)
4. inXile Entertainment (Wasteland 3)
5. Mojang (Minecraft Dungeons)
6. Ninja Theory (Bleeding Edge)
7. Obsidian Entertainment (Grounded)
8. Playground Games (Forza Horizon 4)
9. Rare (Everwild)
10. The Coalition (Gears 5)
11. The Initiative (unannounced game)
12. Turn 10 Studios (Forza Motorsport 7)
13. Undead Labs (State of Decay 2)
14. World's Edge (unannounced Age of Empires game)