id definitely puts out super solid stuff, consistently. Arkane is also in that bucket (Deathloop is the better example to judge recent efficacy of the team, not Dishonored/Prey. And its great). But, that is counterbalanced by... Fallout 76? Warcraft 3 Reforged? The state of WoW, Overwatch, and Heroes?

Xbox's acquisitions are a semitruck full of companies. The good parts of that truck are good. The bad parts are... quite bad. But the bad parts are built on really strong IP, which carried its own high price tag. So the question becomes; they'll definitely get value out of Arkane, id, and CoD, zero question there; but will they get value out of the rest of the ~$76B combined they spent, when so much of it is in glory-day IPs and not in teams, employed today, that can execute on that IP to deliver awesome content (no disrespect intended to the teams who do work on that content today; but reality is in the metrics, revenue, etc)?

Comparatively: Microsoft bought a semi-truck, Sony bought a Miata. It's not the fastest car out there. It's not for everyone. But it has its users and there's no question as to Mazda's ability to put out another stellar model, nor question around whether customers will buy it. Plus: very affordable. Ok, that's a bad analogy.