They still are. Just because stadia is out of cloud gaming, and Luna struggling doesn't mean both these two companies are out.
They can buy publishers like take 2, ea and Ubisoft easily with their money.
Look at MS spending on Activision. That should tell you, that Nintendo and Sony aren't a competition to MS.
Currently they are, because they have PS and Nintendo. As of now, both these 2 are a competition to Xbox, but it won't be for long.
MS is investing a lot of money on their gaming ecosystem.
So far, they spent almost $80b with their acquisitions.
It's almost 80% of entire Sony division.
Only Amazon and Google have that kind of money to compete with MS.
Edit: the key point here is future. Consoles won't exist for too long.