Not going to pretend Valve is a good substitute for a first party studio, especially since much of their work has appeared on Sony and/or MS consoles. So that's right out.
MS has the rights to some popular franchises, but I don't think many would argue they as a whole are on the level of Nintendo or Sony, and they don't make the cut here.
(Though I do wonder if we might see a sizable boost in first party capabilities and IPs under Spencer. He seems to "get it" about everything else XBox that the old regime never did. Wouldn't shock me to see money shifting away from TVTVTV as contracts expire and that money going into studios and franchises. By the end of the gen it would be interesting to see where MS is. If they don't beef up first party under Spencer, they never will.)
SO that leaves Nintendo and Sony, and it's actually a tougher call than I'd first assume. Nintendo has the title nailed down of "most first party classics all time", but that's not what TC is asking. He wants to know who's "most talented" which requires a more focused look at recent output, and at least puts Sony in the running.
I guess I can't say definitively one way or the other, because I haven't played anything on Nintendo's most recent Console or Handheld (though considering how many Nintendo machines I own, that probably says something about how desirable their recent games seem...). My hunch is that the answer varies between different recent timescales (1,3,5,10 years) and on whether we are talking consoles, handhelds, or both. Both outfits have given me so many enjoyable games, it's impossible to think of gaming without either group.
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