All of those options are bigger than the collaborations which have preceded them imo.
When Spencer said something along the lines of it not being tenable to keep supporting Nintendo or something and people were like "oh I guess that's it for Microsoft and Nintendo"...
It behooves Microsoft to cozy up to Nintendo for many reasons. Having some sort of foothold in Japan, sticking it to Sony for as long as they're on top, getting in Nintendo's good graces for when gaming's streaming wars truly begin and MS puts all their chips into Gamepass.
As Nintendo and Microsoft's business ethos continue to diverge I think Spencer is smart to realize Nintendo is more useful to work with than fight against.