Nintendo reported sales of 10.36 million Switch 2 consoles in its first two quarters, doubling that figure in software units.

However, the attach rate reportedly lags behind the original Switch’s 2017 performance, when buyers purchased nearly three games per console over the same timeframe.

Analyst Amir Anvarzadeh warned the company is now “priced for perfection,” suggesting even modest weakness in game sales could pressure its stock.

A closer look at Nintendo’s top titles shows why the software picture is murkier.

Mario Kart World sold 9.57 million units - but 8.1 million of those were bundled with the hardware, providing little insight into true consumer demand.

Donkey Kong Bananza, a critically-praised standalone release, moved 3.49 million copies, offering a more realistic snapshot of early Switch 2 appetite.

Part of the challenge is structural, because the Switch 2 is fully backward-compatible, meaning the platform’s earliest adopters - 84 per cent of whom were existing Switch players - already own extensive game libraries that work flawlessly on the new hardware.

Nintendo is seemingly deferring short-term software revenue to keep millions of loyal players engaged across generations.

For now, Switch 2 owners are spending more time replaying legacy hits than buying brand-new titles, mirroring a broader industry trend in which evergreen games outperform fresh releases.

Nintendo, however, appears unfazed, as its philosophy has always prioritized longevity and quality over rapid-fire output - and investors continue to bet that future marquee releases will eventually shift the software curve upward.

Still, with shares riding high and expectations higher, analysts warn that Nintendo must ultimately convert the Switch 2’s blockbuster hardware momentum into equally strong game sales to sustain its current trajectory.