Rare will most likely be next. Sea of Thieves looks horrible, and i predict it will flop big time. and after that i think MS might Axe them.
i feel MS hasnt Axed them yet because they are afraid of the backlash and bad PR, basically they spent 370 million on them, and they were one of the best devs in the world, if they close them, that would mean it was a horrible business decision. of course, this is just speculation on my part. but i think with the direction MS is headed, if you dont have a hit on your hands to work on, then you wont work at all. if Sea of Thieves isnt profitable, i fully expect them to end rares (rather miserable) life.