What is the state of the gaming industry going in to Holiday 2025? Shockingly fragile. There is only one major third party publisher left in the US. Microsoft is backing away from hardware. Sony is facing down stagnation.

And then there's Nintendo. Who's mostly fine. They aren't happy about tariffs, but for the most part they are weathering this storm exceedingly well? Why is that?

Let's get into the State of Games!