Nilay Patel

You got a big bet this year on Exodus.

It's supposed to be a big cornerstone IP.

It's a huge investment.

You also just had Baldur's Gate 3.

It was, I think, made in the system you're describing, right?

That studio was in Belgium.

But you're not working with that studio anymore, and you've got a big bet on a new IP.

That feels like a...

It feels like a different set of risks.

You've balanced that risk maybe differently than what you're describing.

How did you make those decisions?

I'm curious about Exodus in particular.

This is a big investment.

It's one of the big games you're talking about.

The studio had left in December right after the last trailer launched.

Does this all feel stable to you?

Does this industry feel stable to you?

Because from our perspective, from the audience's perspective, everything just feels up for grabs all the time in gaming right now.

Talk about being in the money in video games.

I feel like I've spent a lot of time trying to understand the economics of video games, and I still kind of don't.