So in reality, all consoles are down majorly, the Switch 2 being the least severely impacted, but not by much.
OTOH, S2 is the newest by a mile, so Nintendo should be concerned. It's just too expensive, and there's yet to be any killer exclusive for it. On S1, it was Mario Kart followed by Smash. Unfortunately there doesn't seem to be anything close on S2. And no offence, but even if the new Air Ride is great, it's probably not going to be enough on its own to carry this increasingly mid console. Kirby has always been a niche, like Metroid.
As 2025 progressed, Nintendo found it increasingly difficult to market its latest handheld. In multiple regions, data shows that the original Switch was a more popular holiday purchase. The Switch 2 price is now more of an obstacle, while newer games failed to become system sellers.