Microsoft's success in recent years is primarily associated with cloud computing offerings such as the Azure platform.
Overall, CEO Satya Nadella seemed to see software as a strategic priority for businesses.
But now he has signaled more clearly than ever that he has by no means lost sight of the end consumer.
Microsoft is strengthening its video games business with the acquisition of World of Warcraft maker Activision Blizzard for almost $69 billion, making it by far the most expensive acquisition in the company's history.
Nadella is betting that video games will remain a growth market even as the industry's pandemic-driven boost fades somewhat.
He sees video games as the engine for the metaverse, the hoped-for future market of the technology industry.
And he wants to grow the subscription video game business, emulating Netflix's recipe for success.
As with Netflix, this requires attractive content, and Activision should help to fill the program.
If the takeover succeeds, Microsoft will have 30 game studios under its roof.
Nadella is worth a lot of money for this view.