Microsoft's Xbox Game Studios has continued to grow into an absolute behemoth over the last several years. What began as a small, ragtag group hoping to convince Bill Gates that video games were a viable opportunity for the company is now a core component of its business. Since Phil Spencer became Head of Xbox, it has only grown bigger, acquiring major studios like Obsidian as well as entire publishers like Bethesda and, if the deal goes through, Activision Blizzard. That puts Xbox Game Studios at 30 different studios, all making a variety of games and contributing to Xbox Game Pass. Below, we've listed every studio Microsoft owns (or will own), broken down into three categories: Microsoft-branded, Bethesda-branded, or Activision Blizzard-branded.
It's worth noting that the number we got adds up to 33 studios--not 30--and we've reach out to Microsoft for clarification.
Microsoft

343 Industries
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