As one of the first publishers to be having a conference, Microsoft probably have the hardest job of all. Not only do they have to put on a good show, they also have to kick off the whole of E3 for everyone. That's no easy feat.
That doesn't mean Microsoft isn't capable of doing so though. Last year was actually a pretty big highlight for them, as their E3 show had them revealing tons of amazing third-party games like Dragon Ball FighterZ and Metro: Exodus. Out of all of the conferences, Microsoft's are always the best for hardware and third party games.
However, the one place where Microsoft are continually lacking in is a lack of first-party titles. Nowhere is this more obvious than during their conference, where they rarely have much to announce that is specifically related to them.
With the release of God of War earlier this year and the impending release of huge exclusives like Super Smash Bros and Spider-Man, Microsoft are probably especially aware of their exclusive lineup right now. Hopefully this means they're packing plenty of big guns to surprise everyone.
Xbox might be the underdog right now, but if it can deliver these things it might end up snatching the lead from under everyone's noses.