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I say this as a Nintendo-only console gamer and a PC gamer:

People are confusing me by saying Sony will simply recover all these temporarily lost sales later in the cycle. If people are buying Xboxes, Switch's, or PCs because they can't find a PS5, most of them aren't going to then also buy a PS5 later. Most gamers don't own two devices. These are permanently lost sales for the entire generation, perhaps longer, and acting like they are just delayed sales is illogical, except for a small fraction that can afford multiple devices. And the bigger problem is, it is a snowball. The more Xboxes that sell, the more likely friends will be talked into buying an Xbox over a PS5 so they can play with their friends.

I know Europe is fragmented into a whole bunch of countries with different identities and languages, but in USA I think the friend effect will be especially true. People like jumping on bandwagons and rising momentum.