Just looking at the pile of money they're making with Steam and doing nothing. It seems a fairly good job if you ask me XD.

And checking all the rumours about HL3 and laughing at us. 

Valve is actually occupied with supporting and maintaining Vulkan API SDK's and the OpenGPU initiative with AMD.

I was at Valve dev conference some years back and they talked about porting most games to Linux and the OpenGL support. Most of the conference is on YouTube I believe.

They are busy with making the most "complete" Steam platform, by this I mean that they're porting/adapting code all over the place.

I would love a L4D3 and HL3, but then again, so would most people and Valve's still silent about any of that. So I'm guessing I'm right about the code and dev part.

Trying to find their desk through piles of money

They have so much money that they don't know what to do with it.

They've wasted time on that steam machine venture and they're working with vr.

I really wish they would remember that they are actually pretty good at making games. LFD3, TF3 HL3 to name a few. Too many good IPs gone to waste.

Probably trying to figure out how to get SteamOS to run games better than any other OS. So far, they haven't done that well.

I'd imagine something like that for their first ever OS would take time.

They are making Money Angels...

This:

Well, Gabe has worked on many MS products, and it's not a really a new OS, but modifying Linux to what they want for it.  So far, even their own games like Left for Dead, haven't run as well as other platforms yet.  They still have their work cut out for them.

I think they will launch something like Half Life 3 as a SteamOS only if they can get it run decently.