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Trump tariffs threaten the future of physical video games, analyst warns
(www.videogameschronicle.com)
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While it’s (probably) not the case for Valve, I think it’s pretty clear that Microsoft’s end goal is endless subscription fees and you owning nothing. And there’s a good chance of them succeeding at that as long as the primary OS for PC gaming is Windows.
Game Pass is already plateauing in subscriptions. I'm sure that while it's far fewer subscribers than they thought they'd have, they'll be happy to keep making money this way for some time, but it's not going to turn in to the primary way people play games.