As the giant publisher of the gaming world, Valve can literally work on any project they want without any hesitation. However, despite the popularity of an upcoming thing called "cloud-gaming," so far, they haven't had any plan or announcement regarding this new gaming platform of the future yet. Gabe Newell even said in 2013 that he "will continue to be skeptical of the whole process."

However, recently, Steam Database Twitter said that they found a hint in a Github release of Valve’s partner site code. In the code, you can easily find a statement saying that "You must agree to the terms in the Steam Cloud Gaming Addendum before continuing."

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The hint of Valve having their own cloud platform

This is might be only a really small clue, but it implies that Valve might have already changed their mind about cloud gaming. Lots of their competitors like Google, Microsoft, and Sony have already working on their own cloud platforms such as Stadia, Project xCloud, and PlayStation Now.

Cloud gaming allows players to play top AAA games without having a $10k PC and only require a good internet connection. Players can also boot games faster, play any games on any device with incredible speed.

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Gabe Newell thought that cloud-gaming is not a good idea

That being said, the reasons why Valve isn't paying a lot of attention to cloud gaming still remain, such as network costs and latency. I doubt that Gabe changed his mind since then. Plus, Valve already has Steam Link, which is basically cloud gaming. The only differences are you need to pay for your own game and have your own host. However, I think this is just how they prepare themselves for the future if anything strange happens.

That is just my speculation. Maybe Valve is working on a new cloud gaming platform just to compete with other brands. Who knows?