Steam is finally adding native support for Macs with Apple Silicon
Briefly

Valve's upcoming Steam client beta will provide native support for Macs equipped with Apple's M-series chips, allowing Steam to run more efficiently without relying on Rosetta 2, an emulator for Intel-based apps. This update aligns with Apple's decision to discontinue major updates for Intel-based Macs after macOS Tahoe, and Rosetta 2 will only remain available through macOS 27, after which limited functionality will exist solely for older, unmaintained gaming titles. Users can join the beta through the Steam app settings for improved performance on newer Macs.
Valve's latest Steam client beta now runs natively on Apple Silicon, eliminating the need for Rosetta 2 on M-series Macs, which improves performance.
Apple has announced it will cease major updates for Intel-based Macs after macOS Tahoe, with Rosetta 2 support only available through macOS 27.
Read at The Verge
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