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2022 is eating 2021 alive to become a monster year for PC gaming – PC Gamer

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Things are looking way, way up.
It’s been a spotty couple of years for PC gaming. Don’t get me wrong, we’ve had plenty of great games to play and talk about, but there’s no ignoring the big holes the Covid-19 pandemic has punched into the usual routine. Any optimism or curiosity during reveal streams this year was dogged by the worry that no matter what games were announced or how great they looked, they’d be years away, million-dollar logos ripped straight from the pitch doc. 
But while this year of delays has been a bummer, it has also primed 2022 to be one of the best years in PC gaming ever.
In 2022 we’re getting new games from beloved studios, sequels to all-time PC classics, and the indie scene is growing more incalculably large and surprising than ever. Every genre that’s been declared dead at some point is gonna be alive and well in 2022, a big slate of live service games will still be kicking ass, the PC will have multiple Crysis-tier graphics pushers, and games will be more affordable and accessible than ever. And now Valve’s putting out a damn portable computer at a low price. 
2021 might be lacking, but 2022 is picking up the slack. 
Some of 2022’s biggest releases are from studios making a long-awaited return. If all you play are The Big Games, 2022 is still looking stacked. 
2019’s Sekiro was an excellent action game, but it’s been five years since FromSoftware’s last proper RPG. Elden Ring is finally coming, delivering with a mythos built by George R.R. Martin, FromSoftware’s biggest world yet, and some major added depth to character progression. This isn’t just the culmination of FromSoftware’s signature RPG and dungeon design, but the natural progression of a heritage of dungeon-crawling on PC, from Rogue to Ultima Underworld and now, hopefully, Elden Ring. 
Stalker 2 is real. Call of Pripyat released in 2009, so it’s been 11 years since we saw GSC Studios’ unforgiving nuclear sandbox. While those older games poked at strong ideas, the technology and design never quite lived up to them. Stalker 2 is a proper sequel with new tech and seemingly bigger ambitions. While the debut trailer was tightly scripted, it definitely has us excited for another adventure with supernatural terrors propped up by modern tech in an open world that doesn’t care about us. And campfire singalongs. Let’s just hope it doesn’t lose character under all that shine. 
It’s been six years since Fallout 4 and Starfield has a lot to prove, but it already gets points for being Bethesda’s first new setting since picking up the Fallout mantle back in 2008. We’re tempering our expectations, but Starfield’s been in the cooker for a while, and, love ’em or hate ’em, Bethesda RPGs have an incredible shelf life. Thanks to PC modders we’re still living in Skyrim’s world. Maybe the torch will be passed properly next November. 
Redfall is a double-whammy for PC players. It’s a cooperative multiplayer game from Arkane, a studio that put out some of our favorite games ever in the Dishonored series. This is a team that knows how to smash systems together to interesting results, whether it’s freezing time to make a guard kick their bud in the face or feeding an entire regiment to rats. Redfall is also leading a second wave of Left 4 Dead-likes, but with vampires. We’d still take a L4D3, but I’m glad its absence led to this timeline. 
Kerbal Space Program 2 has a tough act to follow. How do you do better than one of the best and most pure PC games ever made? Tough to say. So far, the answer is better learning tools and more stuff to build, but in multiplayer—we’re making entire colonies now. If Private Division can make the additions match the quality and depth of everything in the original, KSP2’s gonna be incredible. We hope.Company of Heroes 3 is the return of one of the best RTS series ever. Fraser’s in-depth preview and chat with the developers at Relic detail a campaign mode in the shape of Total War, with a bigger turn-based tactical map that transitions into more traditional RTS skirmishes. One of the most interesting additions is tactical pause, letting you issue commands with the action at a standstill. God bless the RTS. 
Baldur’s Gate 3 is already a big hit in Steam Early Access, with Act 1 playable in its entirety, but Larian’s holding onto the rest until it’s all ready for 1.0. The early word is that Larian’s quick to respond to feedback, with new classes, combat changes, and fixes rolling in pretty regularly. If the writing, potential for clever solutions (and chaos), and combat hold up, we’re thinking Baldur’s Gate 3 will be worth the wait.  
Nevermind all the games that we’re eyeballing closely that could swing one way or the other. We’ll be mad if the Avatar game is good, we’ve already established that, but everything here could blow our socks off. Is it likely? 
Nah, but if there’s even just one great game among them, it’ll be on top of a year that’s already stacked. We hope they’re all good, of course. 
The effect of the Covid-19 pandemic on game development at large is most evident in the steady cadence of delays of games into 2022. A year just isn’t long enough to smoothly transition into a remote development model and with some studios now transitioning back into hybrid remote and office models, the slowdown of development is ongoing. Game development is a tricky, unpredictable thing even when things are going smoothly, so expect plenty more delays before the end of 2021. Here’s what’s going back under until 2022 so far:  
Since time is a construct, we have to acknowledge that when 2022 begins, the games that came out in the tail end of 2021 do not simply disappear forever. These games will hopefully be part of the conversation for most of 2022, vying for as many free nights as anything coming out next year. 
I’m not ignoring the endless stream of new games announced over the E3 weekend. Almost everything I saw looked like the kinda thing that we would’ve treasured as an indie gem 15 years ago. But here’s a few that managed to stand out anyway. 
Somerville comes from a studio headed up by a former Playdead cofounder, makers of Limbo and Inside, if it wasn’t already clear from the look. This 2.5D family drama moves through gorgeous panoramas depicting an alien apocalypse—and yeah, we’re guessing the dog dies. 
Replaced melds old forms with the new, featuring pixelated sprites lit and overlaid with a dreamy, psychedelic array of modern lighting and post-processing effects. Suitable for a game about an AI downloaded into a person. 
More 2022 indies we’re excited about:
Darkest Dungeon 2 is entering early access in 2021, so 2022 for version 1.0 doesn’t feel impossible. Throw a follow-up to one of our favorite tactical roguelikes ever into the mix for 2022, sure. 
I could be wrong, but Hollow Knight: Silksong feels like a sure thing for 2022. I played it two years ago at E3, so we must be nearing the finish line, right? 
Gloomwood is a systems-driven stealth action game that looks like it’ll easily withstand a couple dozen playthroughs, just to see if our mad ideas work out. It’s not confirmed for 2022, but we wouldn’t be surprised if it came out in 2021 either.
Diablo 4 in 2022 is optimistic, but possible. Blizzard time doesn’t make sense. 
Worst case (or best case), Path of Exile 2 might beat Blizzard at its own game. The ARPG sequel looks gorgeous and looks on track for a 2022 release. 
OK so Atomic Heart exists. We saw another trailer at this year’s Xbox Showcase. It can’t stay in purgatory for much longer. Let’s settle on 2022. I’ll shoulder the disappointment if we’re wrong. 
More 2022 hopefuls: 
Final Fantasy 14’s Endwalker will have been freshly released, so we’ll no doubt see some patches adding more raids, cool clothes, and hopefully story quests that allude to what’s next for one of the best MMOs of all time. 
Sea of Thieves is still kicking, and kicking pretty hard. A damn Captain Jack Sparrow expansion is coming. Forza Horizon 5’s heading to Mexico this fall, too, and hopefully giving us reasons to stay for a long time. 
Regularly updated games we wish good health in 2022: 
Valve is making a handheld gaming PC. The Steam Deck outpaces your PS4s and Xbox Ones for a little extra size and weight than a Nintendo Switch. Its Proton based Linux OS can run most of the games in your Steam Library, and it’s fairly affordable, with the lowest tier model just $50 more than the OLED Switch. Best of all, it’s literally a damn computer. You can hook it up to displays, keyboards, mice, use whatever gamepad you like, any headphones, install Windows, install emulators—once again, it’s a computer. 
The Steam Deck sounds like a nice way to decouple our bloated PC game libraries from our desks, and one hell of an entry point for new PC gamers. We don’t see it killing the Switch, but there’s potential for the Deck to become an essential way to play. Hard to say, but we got our reservations in, ready to ride this ship towards a new horizon (or the bottom of the ocean). 
If you don’t see competitive shooters in the list above, it’s because they get their own special breakout. 2022 has the potential to be a year in which Halo (Infinite and the MCC), Call of Duty, Apex Legends, CS:GO, Fortnite, Battlefield 2042, Valorant, Rainbow Six Siege, and Ubisoft’s upcoming XDefiant are alive, well, fun, and all on the damn computer. And a lot of them are or will be free-to-play.  
Read the previous two sentences to me in 2010 and I would’ve laughed and told you to please get out of my dorm room. I distinctly remember thinking free-to-play would never catch on, or that big studios would never adopt it. Eating my words. If you own a computer, you can just play some of the best shooters ever made for free. Wild.
A couple years ago, videogame adaptations were rare and almost always awful. Now, they’re abundant and a little easier to watch on the whole. 2022 is when the rubber truly hits the road. We’re not only getting some long awaited film adaptations, but we’ll be a few seasons deep into some great TV adaptations of our favorite games. 
Here’s a look at all the big-budget cutscenes hitting theaters and streaming services in 2022. Movies and shows listed as TBA don’t have confirmed 2022 release windows, but have potential to make the cut. Sony properties are included to relate the total bulk here, but also for their potential to show on PC eventually. 
The Witcher’s second season hits very late 2021, December 17, so we expect it to color the early months of 2022. The first season kicked ass and garnered a massive audience, so we’re looking to the second season for more grunting, great swordplay, and cool CG monsters. It’s preceded by the release of an anime prequel movie, The Witcher: Nightmare of the Wolf in August. 
Resident Evil is having a moment. Resident Evil Village was critically acclaimed and sold well. Netflix’s CG Resident Evil: Infinite Darkness wasn’t great, but hit the top 10 most popular shows on the service after its release. Later this year we’re getting a Resident Evil movie reboot with Welcome to Raccoon City. And Netflix’s new live-action Resident Evil series will probably round things out in 2022. Lance Riddick as Wesker? Into it. 
The star-laden Borderlands movie is scheduled for 2022, and the stills we’ve seen during production paints it as a faithful adaptation, visually at least. Director Eli Roth is heading up the production, with big names behind familiar characters, like Jamie Lee Curtis as Tannis and Kevin Hart as Roland. Jack Black as Claptrap. Jack Black as Claptrap.
More upcoming movies:
More upcoming TV shows
Game Pass is such a good value you kinda have to subscribe. For $10 a month you can play every Yakuza game. Bethesda’s entire catalogue, including Starfield on day one. The entire Halo series is there (sans 5 on PC), along with Psychonauts 2, everything Obsidian makes from here on, and plenty more. 27 upcoming games will hit the service the day they release. It may not stay a great value forever with inevitable price hikes, and we’ve yet to see how it works out for smaller developers in the long run, but there’s no denying Game Pass is something you shouldn’t pass on, for now at least.  
The Epic Game Store will still probably be handing out free PC games. Epic really wants to establish itself as a go-to marketplace for PC gaming and will keep throwing candy outta the float to make the EGS a thing. 
The weird, retro FPS movement will be in full swing with a whole catalog of New Blood- (Amid Evil, Dusk, Ultrakill, Gloomwood, Fallen Aces) and 3D Realms- (Ion Fury, Graven) published shooters out, with a few expansions on the way. Cruelty Squad (our highest review score of the year so far), Golden Light, and Post Void headline a strong first wave of strange shooters, as if in direct response. It feels like every era of FPS is alive and well on the PC simultaneously, with new ideas sprouting from everywhere in between.  
More PlayStation games on PC! Another thing I never thought I’d hear, but we’re already two deep in Horizon: Zero Dawn and Days Gone, plus Uncharted 4 confirmed for early 2022. Nathan Drake on PC is like Nintendo casually dropping a sanctioned Super Mario Sunshine port. We’ll always be a little behind the PlayStation console releases, but the dam is breaking. Now give us the Demon’s Souls remaster for christ’s sake. 
Graphics are getting goooooood. Forza Horizon 5’s amazing lighting and photogrammetry makes it one of the best looking games we’ve ever seen. Escape from Tarkov looks better with every update. Battlefield 2042 doubles the player count to 128, increases the map size, and throws in wild map-changing events. Stalker 2—well, just look at it
Ray-tracing support is spreading quickly too, with AI-assisted optimization features like DLSS juicing framerates, making the most ludicrous graphics settings feasible for less capable cards. We’ll still be feeling the GPU shortage in 2022, though, a glaring caveat among all this excitement.  
There are more games that don’t involve kicking, punching, or shooting than ever. We love a violent game as much as anyone, but the potential for game design is so much bigger than its action movie origins. The Wholesome Games Showcase is a convenient window into everything else games can do, from making an album in LA with your friends to running a tea house. 
PC gaming’s ‘dead’ genres are accounted for. If Age of Empires 4 stands up, we’ll be playing it well into 2021. Company of Heroes 3 only reaffirms the RTS is here to stay. Strangeland and Backbone are repping adventure games, and even FMV are still alive and well. So well that we’re getting a horror FMV game from the creators of one of the best horror movies of the last few years. We don’t see these genres dying anytime soon.
Cyberpunk 2077 continues the healing process. It’s not the game we thought nearly a decade of development would produce, but at least it’s not a buggy mess anymore. CD Projekt Red is says its still committed to supporting Cyberpunk 2077 too, and with more updates, free DLC, and expansions on the way, it’s possible we’ll see disappointing RPG perform a complete 180 in 2022. Cybernetic fingers crossed. 
We’re beginning a slow recovery from the GPU drought. The GPU supply problems exacerbated by crypto miners and eBay resellers will ease up soon, according to a PC gaming hardware report from noted analyst firm, Jon Peddie Research. We’re not in the homestretch yet, thought. Manufactures are predicted to aim their resources toward higher end GPUs, out of range of most our budgets, to ensure those cards sell for a nice profit. It’ll be a minute yet before that supply hits mid- and low-range supply, but we’re taking it as a sign of hope.
OK, so I don’t know what math is. Doesn’t matter. Previous benchmarks for PC gaming’s best years were largely defined by the usual slate of dozen or so good to great games coming out from big studios. 2015 had Metal Gear Solid 5, The Witcher 3, Kerbal Space Program, and GTA 5. 1993 had Doom, Day of the Tentacle, X-Wing, Sam and Max hit the Road, and The 7th Guest. But 2022’s release calendar readily dwarfs them all, and that’s without taking surprises social phenoms like Among Us and Fall Guys into account.
PC gaming is going to be so good in 2022 that I think it’ll be difficult to recognize in the moment. If everything kicks ass, then nothing does, you know? With seemingly infinite games spilling out of the computer, we’re living in an age of PC gaming where nearly everyone’s specific tastes in nearly every sub-sub-subgenre are being met, as long as you know where to look. 2022 is going to be a busy one. 
And we’ll do our best to curate and celebrate, to pull out and neatly frame the games you would’ve otherwise missed in all the noise. Can’t wait. 
James is stuck in an endless loop, playing the Dark Souls games on repeat until Elden Ring and Silksong set him free. He’s a truffle pig for indie horror and weird FPS games too, seeking out games that actively hurt to play. Otherwise he’s wandering Austin, identifying mushrooms and doodling grackles. 
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Stellaris 2 Release Date: PS4, PS5, Xbox, PC, Switch – Game Revolution

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Grand strategy games are in relatively short supply, which is why Stellaris is such an important title. Even better, Paradox’s 4X game is one of very few available on modern home consoles. Will the same be true of Stellaris 2? Is a sequel actually in development, and will it release for Switch in addition to Xbox and PlayStation?
What is the Stellaris 2 release date?What is the Stellaris 2 release date?
Paradox Development Studio has yet to confirm Stellaris 2, so there is no release date set. In fact, there’s no confirmation that Stellaris will get a numbered sequel at all. Assuming it does happen, we can expect to learn more about a launch date after the game is announced.
For now, it seems the team at Paradox is still focused on the original game. After all, it took almost three years for Stellaris to move from PC to home consoles, hitting PS4 and Xbox One early in 2019. The Series X/S version only arrived in March of last year.
That time hasn’t been spent solely on porting, either. The team has released several DLC packs and expansions, including the Nemesis expansion which released last year. Development is ongoing, and fans can check out the latest details over on the official Stellaris forums.
Given that Stellaris eventually landed on consoles, a PlayStation 4, PS5, or Xbox Series X/S release would make sense. Of course, it could be a matter of timing, since it took so to release console ports before.
Admittedly, a Nintendo Switch release for Stellaris 2 is very unlikely. Stellaris isn’t on the Switch, and it’s doubtful that Nintendo’s handheld could run it properly. And, again, Stellaris 2 hasn’t been confirmed, so who knows if we’ll even be playing the Switch by the time it might release.
Stellaris 2 doesn’t have a release date or any known platforms, as the game itself hasn’t been announced. Until we hear otherwise, the crew at Paradox Development Studio will continue its ongoing work on the Stellaris that does exist, which is available on PC, PS4, Xbox One, and the Series X/S.

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Nvidia: Quantitatively Speaking Still Overvalued – Seeking Alpha

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Graphics Chip Maker Nvidia Reports Quarterly Earnings

Justin Sullivan/Getty Images News

Justin Sullivan/Getty Images News
This is my first article about NVIDIA (NASDAQ:NVDA). I readily admit that I do not fully understand the specifics of the company and what investors see hidden in it. Therefore, at this stage, I offer a comprehensive, quantitative analysis of the company’s fundamental value.
The easiest way to get a first idea of the adequacy of the company’s current price is to look at the dynamics of its capitalization in the context of the dynamics of key results. As a rule, this allows you to identify persistent regressions.
Based on the long-term relationship between the revenue TTM absolute size and the company’s capitalization, NVIDIA’s current price is somewhat overvalued:

NVIDIA market cap vs revenue

VisualizedAnalytics

VisualizedAnalytics
The same is true for the relationship based on the EPS TTM absolute size:

Nvidia market cap vs EPS

VisualizedAnalytics

VisualizedAnalytics
On the other side, over the past seven years, NVIDIA has shown a direct relationship between the rate of revenue growth and its P/S multiple. It should be noted that there is no similar qualitative relationship between EPS and earnings growth rate. In my opinion, this means that the rate of revenue growth is now a key driver of capitalization.

Nvidia P/S vs revenue

VisualizedAnalytics

VisualizedAnalytics
In the context of the last model, the company is now also overvalued. But more importantly, the expectation of a decrease in the revenue growth rate indicates a potential decrease in the P/S multiple in the coming quarters.
So, having determined that revenue is a key driver of company capitalization, we can build a general model that determines the company’s balanced price:

Nvidia modeled price

VisualizedAnalytics

Nvidia modeled price

VisualizedAnalytics

VisualizedAnalytics
VisualizedAnalytics
Under this approach, NVIDIA’s modeled capitalization is lower than the actual one within about two standard deviations. And the nearest forecast also does not justify the current price of the company.
Using elements of machine learning, I analyzed many options for comparative assessment of NVIDIA through multiples. As a result, I found only three models that allow a more or less reasonable judgment of the relative value of the company. To my surprise, all of these models are based on growth-adjusted multiples. This suggests that growth is a determining factor in the level of NVIDIA multiples.
A comparative valuation of NVIDIA through the forward P/E (next FY) to growth multiple indicates that the company is undervalued by 18%. But the quality of this model is not high enough:

Nvidia comparative valuation via PEG

VisualizedAnalytics

Nvidia comparative valuation via PEG

VisualizedAnalytics

VisualizedAnalytics
VisualizedAnalytics
Considering the EV/Revenue to growth multiple, NVIDIA seems expensive:

Nvidia comparative valuation via EV/Revenue

VisualizedAnalytics

Nvidia comparative valuation via EV/Revenue

VisualizedAnalytics

VisualizedAnalytics
VisualizedAnalytics
The same is true for the EV/EBITDA multiple:

Nvidia comparative valuation via EV/EBITDA

VisualizedAnalytics

Nvidia comparative valuation via EV/EBITDA

VisualizedAnalytics

VisualizedAnalytics
VisualizedAnalytics
Judging by the proposed multiples, I cannot make an unambiguous conclusion. The only thing that can be stated is that the company’s growth rate is a determining factor in the level of NVIDIA multiples. The slowdown should significantly reduce the level of its multiples.
When predicting NVIDIA’s revenue for the next ten years, I proceeded from the average expectations of analysts. According to consensus forecasts, in the next decade, the company’s annual revenue will exceed $160 billion.
NVIDIA’s operating margin has reached 35% in the last quarter. This is close to the historical maximum of the company. But the model is based on the assumption that the operating margin over the next 10 years will gradually decline to 30% in the terminal year. This is a standard approach based on the likely increase in competition.

Nvidia operating margin chart
Data by YCharts

Here is the calculation of the Weighted Average Cost of Capital:

NVIDIA WACC

VisualizedAnalytics

VisualizedAnalytics
Some explanations:
Here’s the model itself:

NVIDIA DCF model

VisualizedAnalytics

VisualizedAnalytics
(in high resolution)
The DCF-based target price of NVIDIA’s shares is $233, offering 12% downside. At the same time, in my opinion, I considered a relatively positive scenario for the future development of the company.
Looking at NVIDIA in the context of free cash flow, I want to draw your attention to one important indicator – the free cash flow yield. It shows how much the company generates free cash flow per dollar of its market price.
Free Cash Flow Yield = Free Cash Flow TTM / Market Capitalization
I compared this figure of NVIDIA with other technology companies and closest competitors. Alas, the company’s figure is the lowest:

Nvidia vs other tech stocks free cash flow
Data by YCharts

The free cash flow that NVIDIA generates for every dollar of its capitalization is about 1%. This is lower than the US 10-year treasury yield. I don’t even compare with inflation. In general, this is a wake-up call for an investor.
From October to November last year, NVIDIA’s share price rose nearly 80%. During this period, two gaps were recorded. These gaps have defined strong support levels. And the first of these levels seems to have already been broken. In my opinion, before the level of the second support is reached, it is premature to talk about the completion of the correction.

Nvidia technical Chart

TradingView

TradingView
I do not share the optimism of those who believe that NVIDIA is an extremely attractive investment at its current price. I won’t jump to conclusions about the company’s long-term potential just yet, but it’s highly likely that the decline will continue in the short term.
This article was written by
Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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Sony's PlayStation Direct initiative will let lucky users buy 'limited' PS5 stock – TechRadar

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