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I'd say this is still a bold prediction. Sony doesn't have much to gain with a portable device that will only do well (relatively speaking) in Japan.

They're better off with continuing growth in developing markets including China, expanding and improving PS Now, turning their IP's into multi media properties & making a push for the handheld market through games in the mobile space, whether that be through acquisitions, internal growth, or a mix of both. A handheld PS5 feels like a waste of resources.