Nilay Patel

But their thesis for buying Activision was we need to be a bigger player in mobile because that's where the new gamers are.

And Activision has all these mobile games.

And actually, Call of Duty, which is what everyone is focused on, is the least of our concerns here.

What we're after is King.

We're after Candy Crush and all of the mobile IP that Activision has to offer us.

I'm looking at it from a pretty outsider perspective.

I don't think this has worked out.

I don't think this has played out well for them.

What do you think?

Actually, Phil was clearest about this when he was on in 2022.

Let's play that clip because I'm curious to see your reaction to this in the context of the news today.

So I listen to that and I think, well, Nintendo exists.

They seem to be doing just fine without being on phones.

Sony is running what seems like a fine business in the PlayStation without running on phones.

And then right next to all of this, arguably the most interesting category of gaming devices in the past five years is Steam Decks and Steam Deck Alikes, which are all running Windows games better on Linux than on Windows.

And I'm actually kind of at a loss here, right?

There's this desire to put mobile games on Apple's platforms, on Apple's terms, and this very clear statement that if they don't do that, over time, the business will become untenable.

And then the rest of the industry is not doing that at all, and they seem to be fine.

How do you reconcile those ideas?

We say it a lot, and...