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I suspect that Nintendo has pushed the original target release date of a Switch successor.

1. Switch chips are easily and cheaply obtained. Any successor that uses modern chips would make the current chip supply chain issues even worse.
2. Profit margins. Switch profit margins are vastly higher than any successor would be (at least initially).
3. Market and content support. Switch has gained the trust of the consumer market and the external content development market. A successor would be an uncertainty in both during uncertain economic times.
4. Demand. Very stable high demand. And even if that demand wanes a bit, price cuts, value bundles, feature updates and (see below) option 5.
5. A Pro model type upgrade would likely be more feasible (economically, supply chain and content) in the near future than a full successor.

When Nintendo said Switch was at the mid point of its life last November, I don't think they were kidding. A 2025 successor is not outside the realm of plausibility.