I think that in the long term they'll do a Sega. But I think that in their case, very slowly and step by step. I think their next step will be to announce more batches of old ports of MS games for PS and Nintendo and more games day one on multiple consoles, later to normalize to release all their games day one everywhere.
Regarding hardware, I think in a couple of years (2026) they'll release a PC handheld using Windows and their PC store, pretty likely build by some 3rd party manufacturer like Asus or so. And then a couple years later (2028) a way more powerful home console shaped PC, also running Windows and their PC store.
I think they'll do let's say their 'Steam machines' concept but running Windows, this time also using onoo both home console and portable console shaped PCs. They'll try to put Windows in the PC handheld/home consoles of all the brands.
I also think progressively they'll also move away games from being day one on the normal GP tier, at least their own best selling ones. They would be only in the most expensive tier during a few years, and later they'll stop putting them day one even in the most expensive tier.
I also think they'll to expand several of their IPs to mobile via spinoffs when they see fit via King, starting with the Activision Blizzard ones.