The End of Fragmentation

Dan Hockenmaier · 19 Mar 2026

Dan Hockenmaier did not write this page.

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Our reading
For chipmakers, and probably frontier model companies, only incumbents with existing scale can now compete.

Their wordsCertainly for chip manufacturers, and probably for the frontier model companies, the scale economies curve has again shifted out. At this point, it’s difficult to imagine anyone but an incumbent with existing scale entering the competition.

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