Can’t say that I’m worried at all. If they had delivered AAA exclusives consistently but hardware was still dropping that would be one thing. But as it stands one of their biggest exclusives ever is releasing in a few months. If that still doesn’t move hardware then we can talk.
What I do think could happen is that they stop selling consoles at a loss. If their philosophy is that people should be able to play Xbox games anywhere then it doesn’t make sense to focus so hard just on console.
They should make sure that every new TV sold has the Game Pass cloud app available. And bundle those TVs with a controller and a few months of Game Pass.