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Sadly thats probably a competitive price for a console now.
It is especially when you factor in that consoles are usually manufactured at cost or with very little profit because the main focus is on games. Which valve on doing here.
If valve are making $100 profit per unit I’d be amazed, the controller probably is more profitable at the moment.
Not even close
Either way it’s cheaper than a console once you factor in the absence of discounts and subscription to play online that consoles have.