It was a wild week in tech, with Netflixmissing earnings, Peloton Interactiveteetering, and the Nasdaq Composite entering correction territory. But those events overshadowed the week’s most important tech news: Microsoft’s Tuesday announcement that it had agreed to buy Activision Blizzard in an all-cash deal valued at nearly $69 billion. It would supplant Dell’s $67 billion acquisition of EMC in 2016 as the biggest technology deal in history. If it happens.

The transaction, which has widespread ramifications for the videogame…