I have no knowledge, just speculating.
They're letting other new games get their day in the spotlight(silksong for one).
When those numbers die off they'll probably silently drop HL3 and break the internet.
I certainly hope there's at least one person still working on it. Would be a shame for that entire story to just disappear forever.

Go to Wiki for facts
Garry's Mod 2
Garry Newman

Garry Newman's current project is a new sandbox game called "S&Box", which is designed as a sequel to Garry's Mod being developed on Valve's Source 2 game engine, the same engine that Half-Life: Alyx runs on.

Garry Newman applied for a job at Valve at some point before Garry's Mod went on sale. Garry had a phone interview, but did not continue with any more interviews because Valve was no longer interested.
Garry Newman has not personally worked on a Garry's Mod update in years and stopped playing.
History
https://gmod.fandom.com/wiki/Garry_Newman#:~:text=He%20has%20retired%20entirely%20from,as%20Rust%2C%20Clatter%20and%20Chippy.

Originally posted by hikikomori:

since valve has a new game engine now that's implemented in CS2, why dont we have any new game releases from them?
for example:
- Garry's Mod 2
- Day of Defeat Source 3
- team fortress 3
etc

Risk
To put it bluntly: Valve became lazy once Steam turned into a massive marketplace that prints money for them with very little effort.
Back in the day, they promised to finish Half-Life 2 through episodic releases. That was supposed to give fans regular story updates and a faster development cycle. But decades later guess what ? Episode 3 (or any real continuation) still doesn’t exist ,leaving the series stuck on a cliffhanger.Half-Life fans like me still waiting for something that never comes.

Instead of investing heavily in new games, Valve shifted their focus. Steam generates constant revenue, CS:GO (now CS2) and Dota 2 keep competitive players engaged, and hardware projects like the Steam Deck or VR headsets act as their “innovation showcases.” While we did get Half-Life: Alyx which was good , but it mostly served as a way to push VR adoption rather than revive the franchise in a meaningful way.

The issue is risk: developing big, story-driven games costs a fortune and comes with no guarantee of success. From Valve’s perspective, why gamble when Steam already ensures steady profits? But from a player’s perspective, it feels like they abandoned their legacy. Series like Team Fortress, Left 4 Dead, or Day of Defeat could easily shine again, yet they remain untouched.

At the end of the day, Valve Time has become a meme for a reason. Fans keep waiting, but Valve has little incentive to deliver.

HL3 is all but confirmed.

Valve are too afraid of putting out a stinker. The longer it takes them, the more afraid they get. This is because the longer it takes, the higher they assume customer expectations will be. The higher the assumed expectations, the greater the fear of putting out a stinker. So Valve will never develop the most anticipated sequels because they're too afraid to do so.

the games had the purpose to pull people to this platform and make it popular
gabe's mails and all this nonsense too

nowadays they make tons of money without doing anything. Why would they risk more neg feedback for the lazy games they made in the last time

they have a solid monopoly, no need to do more. they are even able to put a proper age verification in place

Valve cant count padd 2

I think you should ask yourself a different question, OP. Why would they?

Whenever this gets asked, it always boils down to "cause I want it". Which might not actually be as compelling as people may think.

Most of the games they have exist to funnel money from players to themselves via in-game stuff. The other games are mainly build from a tech demo perspective, cause that's what the HL series mainly is. Nice marketing for boring games. ;)

Portal is the only stuff that Valve has put out that I consider neat.

I don't think it's a loss that Valve is less active as a game developer.

Originally posted by Crazy Tiger:

I think you should ask yourself a different question, OP. Why would they?

Whenever this gets asked, it always boils down to "cause I want it". Which might not actually be as compelling as people may think.

Most of the games they have exist to funnel money from players to themselves via in-game stuff. The other games are mainly build from a tech demo perspective, cause that's what the HL series mainly is. Nice marketing for boring games. ;)

Portal is the only stuff that Valve has put out that I consider neat.

I don't think it's a loss that Valve is less active as a game developer.

We have Toy STORY 5.
Can valve count ro 4 ar least

Originally posted by Crazy Tiger:

I think you should ask yourself a different question, OP. Why would they?

Whenever this gets asked, it always boils down to "cause I want it". Which might not actually be as compelling as people may think.

Most of the games they have exist to funnel money from players to themselves via in-game stuff. The other games are mainly build from a tech demo perspective, cause that's what the HL series mainly is. Nice marketing for boring games. ;)

Portal is the only stuff that Valve has put out that I consider neat.

I don't think it's a loss that Valve is less active as a game developer.

what are you yapping about
garrys mod had 4 times the amount of sales than portal 2 had, and it's a masterpiece of a game
same as day of defeat source, amazing ww2 mp shooter
you also think tf2 is worse than portal 2? they made tons of $ out of it

Originally posted by hikikomori:

Originally posted by Crazy Tiger:

I think you should ask yourself a different question, OP. Why would they?

Whenever this gets asked, it always boils down to "cause I want it". Which might not actually be as compelling as people may think.

Most of the games they have exist to funnel money from players to themselves via in-game stuff. The other games are mainly build from a tech demo perspective, cause that's what the HL series mainly is. Nice marketing for boring games. ;)

Portal is the only stuff that Valve has put out that I consider neat.

I don't think it's a loss that Valve is less active as a game developer.

what are you yapping about
garrys mod had 4 times the amount of sales than portal 2 had, and it's a masterpiece of a game
same as day of defeat source, amazing ww2 mp shooter
you also think tf2 is worse than portal 2? they made tons of $ out of it

Garry's Mod is published by Valve, not made by them. It's a really nice sandbox, but a masterpiece? Hell no.

Earning tons of money doesn't equal to a good game, just that it is popular. Guess what, bad stuff is popular quite a lot according to mankind.

As said, Portal is the only stuff they made that is neat. Oh, and CS 1.6 back in the day. That one was fun.