It's clear they gave up on hardware - in its current form - when Phil suggested as much during the Redfall interview. Even going back to the beginning of the generation they weren't investing in third party exclusives, and they kept saying that hardware was only one piece of their strategy.
Given the current situation, I think they'll be speed-running their next hardware, whatever form that may take, console style PC, handheld, and/or otherwise. But aside from that, I still struggle to see their long term strategy. They didn't acquire all those studios just to become a third party publisher, but equally it's still years until cloud becomes truly viable as a platform and their hardware needed to bridge the gap given they can't rely on PC market alone where Valve continues to dominate.
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