I mean a lot of Nintendo systems make that a bit wonky. I mean the Switch isn't exactly getting the multi plats and look how its doing. Though I will agree that Sony is not equipped to survive on their own in the way top of their game Nintendo can. 

There will be many who wait for a PS5, but the thought that there aren't millions of kids and parents who either don't have patience to wait or who have kids wanting a device right now is illogical.

PS5 is losing lifetime sales every single day of this chip shortage primarily because they were the market leader last gen and the hardcore gaming industry has been roughly 300 million for a while now. As long as Xbox and Nintendo (and to a lesser extent Valve) have disproportionately less chip shortages collectively, which evidence points to this, then their devices will appeal to kids impatiently wanting a current gen device and parents with kids like that. A 10 year old isn't going to be like, "let's wait a year, or 10% of my life, and see if a PS5 is available then." They want instant results. If there is an Xbox (even just a Series S) or Switch on the shelf, they will just scoop that up and forget all about the PS5.

There will be tens of millions that don't think this way and PS5 will easily sell 70-80 million minimum because of them, but it won't get close to PS4 numbers unless PS6 doesn't come out until years after it normally would.

 It's not like they are going to sell 40 million devices in year 4 to make up for the first two years having chip shortage. The PS5 isn't doomed to failure, but it is doomed to a sub-par PlayStation performance at this point because of impatient buyers.

where do you think I'm being sarcastic?

I agree.

For a system to be successful what it really needs is 1) big name releases and 2) a large diverse library of games.  Most people focus on #1 and neglect how important #2 is.  Wikipedia lists PS4 at 3368 games total and obviously it performed really well.  Switch currently 4328 games and, launch aligned, is selling significantly better.  Obviously, both systems have their share of big name releases too.  Those two things, and price, are really all that matters for a successful system.

A lot of people seem to think a system needs specific big name titles, but this is not true at all.  CoD and GTA do not automatically make a system successful by themselves.  It probably sounds crazy, but in the 20th century GTA and CoD were called Mario and Zelda.  You needed these titles to have the most successful console was the perception at the time.  However, the N64 had Mario and 2 Zeldas, and it got beaten by a system with the previously niche franchise of Final Fantasy.  What gets considered a "big game" can change from one generation to the next.  Mario Kart 8 can sell 8.46m on Wii U or 43.35m (and counting) on the Switch.  These "big games" do not exist in a vacuum, and one that releases on a platform without a big, diverse library should not be expected to perform nearly as well as it did in the past.

So, obviously PS5 will have a bigger library than the N64, but I wouldn't expect it to have a library nearly as large or diverse as the PS4. Microsoft is buying up a lot of studios and Nintendo is taking over Japan.  Additionally, the big sellers on Playstation are third party games, so a person could easily play them on XBox or PC.  One weakness of relying on third party games is that they are not guaranteed to stay loyal to a certain platform, and gamers don't have to stay loyal to Playstation to keep playing GTA, FIFA, Madden, Assassin's Creed, etc....  That basically means that in a few years Sony will have to rely very heavily on its first party games, and I don't think they are quite as strong in that area as Nintendo.

A big weakness Sony faces on that front that Nintendo does not is budgeting. Nintendo budgets it’s first party titles with the assumption that they will be getting very little income from supplemental 3rd party sales and MTX. Sony uses money generated from the third party to subsidize the first party games, which is how it is able to afford cinematic experiences that are massive in scope. 

Sony’s first party is not built to be self sustaining like Nintendo’s. An exodus of third party players off PlayStation would do much more long term harm to SONY, where as nintendo gets along just fine without those players 

January Spain sales from install base. 

Insane that Xbox is outselling PlayStation in Spain so far for 2022. It’s one of Xbox’s weakest markets. 

I am 100% convinced Xbox and PS are neck and neck globally for the year, at a minimum. 

I feel like people are catastrophizing a bit with regards to the PS5.
Yes, the shortages are hurting it's weekly sales, but it is still a massive brand with a massive following, demand is through the roof, and it will have years down the line to make up for its constrained early years. It's may have hit a few bumps on the road, but it's still going to sell 100 million plus and outsell the Xbox Series lifetime.

Yeah I think the PS5 will outsell the Series X/S too. But with the shortages and acquisitions 100m isn't a given anymore.

I would be very, very surprised if PS5 sells less than 100 million.

About the only way I can see that happening is if MS keep all Activision/Blizzard/Bethesda games off PS in addition to securing more big publishers and locking them away as well, and I personally don't expect that to happen, as that multiplat money will likely be too big to pass on and MS seems to care more about profit than hardware sales nowadays.