IGN made an article, citing an interview between GameInformer and an insider despite being unable to "verify their claims woth another Valve employee"

Here's the link:

http://www.ign.com/articles/2017/01/12/half-life-3-will-likely-never-be-released-says-report

No surprise. Valve hasn't been much of a developer in ages. Their projects haven't been really had a canon/intellectual focus in ages, been mostly MP experiences

Steam is doing very well for Valve, they don't feel the need for pushing into developing games anytime soon.

I like to still believe that it will be released some day. I mean, it's been known for a while now that Valve is and has been working on stuff for a while, mainly VR but there have been enough leaks out there to basically confirm that Left 4 Dead 3 is being worked on currently by Valve. Plus they released Source 2 officially not too long ago as their brand new engine.

If Left 4 Dead 3 sees release in this day and age by Valve I expect Half Life 3 will too. If anything Left 4 Dead 3 will probably make people even more angrier at Valve to see that game get a 3 sooner than Half Life does. 

I can't believe it!

Making games is stupid. Selling is where the money is.

Why would they? They have an empire to run.

But... but... but wasn't HL3 one of the Switch launch games?

They make too much money for it T_T

Once steam took off they stopped caring about game development. Unless a true rival to steam comes along they probably won't make anything special.