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Yep, the Stranger has indeed been Gandalf the Grey all along.

The Rings of Power is set during the Second Age, long before Gandalf is ‘supposed’ to arrive.

The Stranger in The Rings of Power season 2

But, as one expert has explained, it’s really not that big of a deal.

“Tolkien’s ideas were ever evolving.”

Jamie Campbell Bower in Stranger Things

Charlie Vickers as Annatar and Morfydd Clark as Galadriel in The Rings of Power season 2 finale (2024)

Annatar and Celebrimbor in Lord of the Rings: The Rings of Power season 2, episode 7

Jamie Campbell Bower in Stranger Things 4

Lord of the Rings in order: Elijah Wood as Frodo Baggins in The Lord of the Rings The Fellowship of the Ring.

Rosamund Pike as Moiraine and Daniel Henney as Lan in The Wheel of Time season 3

The Lord of the Rings: The Rings of Power

Elrond in Lord of the Rings: The Rings of Power season 2, episode 7

Annatar in The Lord of the Rings: The Rings of Power season 2 episode 5

Todd Howard

Upcoming movies: Tom Cruise in Mission: Impossible - Final Reckoning

Tom Cruise as Ethan Hunt in Mission: Impossible - The Final Reckoning

Thunderbolts* trailer

Florence Pugh as Yelena in Marvel�s Thunderbolts

Overwatch 2 heroes battling

Articulate box, cards, board, and tokens on a wooden table

The cast of Thunderbolts standing in an elevator during the trailer for the upcoming Marvel Phase 5 movie.

Logan Kim as Hershel and Lauren Cohan as Maggie in The Walking Dead: Dead City season 2