I was literally writing a huge OP about their next acquisition after this when you posted. I see three potential next big moves:
1) Buy WB games. This is the most obvious one, as AT&T has already said they are thinking of selling the division off, and MS is already one of the potential bidders. This would give them several devs such as Netherrealm, Rocksteady, and TT games. The biggest issue is that AT&T doesn't want to sell any of the IP (notably Mortal Kombat), meaning all of those studios would be without their primary franchises.
2) Buy AT&T outright. This deal would be the biggest MS has ever done my a mile, but it actually makes sense. The IP issue, and indeed entire games division, would be footnotes in this deal. AT&T has a market cap of $200 billion and is $100-150 billion in debt, meaning the total cost would be in the range of $350 billion. It would redefine MS as a company. It would give them AT&T's wireless network with most of the 5G install work done. It would give them HBO Max, putting MS right in there with Amazon and Apple in the streaming wars. And it would give them a ton of IP to work with, including all WB, Cartoon Network, and DC Comics. Humorously, it would also give them CNN, competing directly with MSNBC even though the "MS" in that name stands for Microsoft. Downsides are obviously the gigantic cost and also potential vertical monopoly risk. MS would own Azure, own the 5G network it travels on, and own the video and video games streamed on it, and could bundle it all in a way that unfairly dominates competition.
3) Buy Konami's IP form them. Not a purchase outright since Konami is doing well, just outside the video game space, but as an inroad to Japan, it seems in MS's wheelhouse. Buy Castlevania and make it the in house Souls franchise / give Moon Studios a crack at it. Give Arkane Metal Gear. This one is purely hypothetical, but it buys MS growth potential in their area of greatest weakness: the east.
