Currently its unthinkable, but it would not be the first business segment Microsoft decided to leave.
Comparing just the numbers gives a first indication who holds the upper hand: Sony’s PS4 has sold around 70 million devices whereas Microsofts Xbox has added sales around 30 million devices. This has a direct influence on sold games and third-party developers who decide to develope exclusive titles: Since the announcement of the Xbox One X I dont have the feeling that Microsoft has really invested in new brands for this beast of a console. The hardware itself is way beyond competition but hardware doesnt sell itself, its the software and here is Sony’s most powerful argument: Exclusive titles, regarded one of the best games ever developed and the list is not really short: Uncharted 4, The Last of Us, God of War, Horizon Zero Dawn. The best sold games on the Xbox One were titles available for almost all platforms: FIFA, Battlefield 1 and Forza Horizon 3 is the only exclusive title which has beaten the targeted sales.
The announced exclusive games Crackdown 3, Sea of Thieves or State of Decay 2 (for which I am personally really hyped for!) are to be honest not really the buy-arguments for the most powerful console in the world. I dont believe that any of these games have the power to attract new buyers for the neccessity to buy a new Xbox One X.
Sony has a clear messaging and positioning regarding their marketing channels: The most recognised sport in Europe is the Champions League, where Sony is a main sponsor and they always have their places in Primetime-TV-Spots. Microsofts argues with their main message: Native 4K. From that we can take one main thing: The Core customers for which this console is designed are the people who regard gaming as one of their main hobbys and for which they are willing to pay more than the average casual gamer.
Can the Xbox One X really turn the tides? From adding all these points up I personally doubt that. Technically Microsoft will be ahead of Sony, but I dont think that the gap in sales will be closed by the Xbox One X. In many aspects it reminds of the situation of Halo Wars 2, great design but has been way behind the sales and expectations. And finally dont get me wrong: I have pre-ordered the Project Scorpio Edition at day 1 and I believe that the Xbox will be for many, many years to come a part of the multi-billion games industry. But to stay a recognisable part of the games industry, Microsoft has to take much more efforts especially developing new exclusive brands and titles, to not loose the console fight entirely against Sony. Last but not least: Nintendo with its special architecture of their console and many exclusive Nintento Brands runs in his own league.