I wouldn’t really count Valve as a competitor because

1. Their pivot towards Linux came from a perceived threat that Microsoft could force users into using their app store exclusively, and effectively shutter Steam out of the market entirely. This is something Microsoft have already done with Windows 10 S.

2. The OG Steam Machines were a massive flop for various reasons, and the new one Valve is creating in-house is set to be priced more equivalently to a gaming PC than a home console.

3. PC gaming has always been treated as its own separate thing.