And this reveals the real reason Nintendo came after Switch emulators - to buy some extra time before Switch 2 gets properly emulated.
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Microsoft and Sony have demonstrated that hardware security can be more or less perfected, neither of their systems have been compromised via hardware attacks for several generations now.
Even if the software is absolutely bulletproof, you can hack almost everything by modifying the hardware. Cutting the power of the CPU for a tiny amount of time for example can cause it to glitch in a way that bypasses the security checks. This is accessible enough for at least one person to get in and dump games.