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Corporations overhype often in marketing. They have to be way more careful when talking to investors, because they can get in legal trouble.
The 8K support is not really a lie, as a few tiny games support it. I don't think they ever really pushed it as one of the big selling points because it's not feasible. It shouldn't be listed on the boxes, though.
120 FPS is a lot more common, than 8K. So that isn't a lie either.
However, Jim Ryan blatantly lied about "we believe in generations". From the launch of the PS5 to the present, tons of games have been cross-gen. GOW: Ragnarök seems to be the last cross-gen first-party game, as nothing is announced for the rest of the year onward. It's not that there were 1-3 Sony games that were cross-gen that made Ryan's statement a lie. It's that there have been plenty, and at least one is a flagship title. And when I said tons of games are cross-gen, I'm also referring to the mountain of cross-gen third-party games. Even Hogwarts Legacy got eight-gen versions, despite them releasing later. You have to go out of your way to find PS5 titles that aren't on PS4. And while PS5 is more distinct from PS4 than the Xbox One is to the Xbox Series X/S, Ryan still lied.



Lifetime Sales Predictions 

Switch: 156 million (was 73, then 96, then 113 million, then 125 million, then 144 million, then 151 million)

PS5: 115 million (was 105 million) Xbox Series S/X: 48 million (was 60 million, then 67 million, then 57 million)

PS4: 120 mil (was 100 then 130 million, then 122 million) Xbox One: 51 mil (was 50 then 55 mil)

3DS: 75.5 mil (was 73, then 77 million)

"Let go your earthly tether, enter the void, empty and become wind." - Guru Laghima