Take-Two Interactive: Buy Rating Affirmed on Strong Industry Position and Growth ProspectsWe have long been constructive on Take-Two's successful track record of growth driven by its development talent, intellectual property, and strong management. Take-Two remains a high-quality vehicle to invest in what we expect to be above-GDP growth (at high returns on capital) for the video gaming industry over the next decade. We believe that the ceiling on potential GTA VI performance, particularly the online portion, is very high. the most dominant trends in the AAA gaming industry for the last decade+ has been the tendency of the biggest franchises to get bigger. In our recently published part 2 of our video game primer, we showed that the market share of largest titles is roughly 3x what it was 20 years ago.