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I’ve always seen Microsoft’s gaming business as two separate entities.
There’s the consumer entity: Xbox, PC, Halo, Age of Empires, Game Pass, Forza. All that fun, exciting stuff.
And then there’s the business division: Azure, Havoc, DirectX, all the technical tools and services that developers use (known collectively as Game Stack).
GamesIndustry.biz would go to GDC and talk to the Game Stack folks, and then pop to E3 to speak to the Xbox team, and rarely did the two seem to cross over. But that’s rapidly changing. In recent months, the Xbox consumer business has been actively