What is Valve Working On? - Early Cut

Artifact, Underlords, DOTA 2, Steam, In the Valley of Gods, SteamVR, SteamOS, Left 4 Dead 2, Team Fortress 2, Counter-Strike: Global Offensive, and much more, Valve is busy, but they haven't been working as efficiently for over a year now. What has the world changed for Valve, and exactly what are they working on now?

What is Valve Working On? - Early Patron Cut (YouTube)