They still believe the Xbox brand is not contingent on the Xbox console existing. The goal is renting (already accomplished) and streaming (still sucks) your games from a server. Mark my words, a thin client is the last hardware Xbox will ever release. Eventually, it will be just another app on every smart TV, losing the physical brand presence in every customer's home entirely, and in that stage, it will be competed out of existence. Their only way to prevent this is contingent on there being a Microsoft-owned GPU server farm in each state. Lucky they just got a massive budget to build those out (as AI, for now).
In a memo to staff, Sharma made three commitments: great games, the “return of Xbox,” and to “invent new business models and new ways to play.”