The semiconductor industry is moving from a horizontal structure toward virtual vertical integration, rather than full monolithic integration.

“... fabs worth of silicon on their own. And they definitely have the, the, the, uh, capital to fund that. So in some sense we're moving from a sort of a horizontal world again to a pseudo-”

“... vertical world where, where it's like the, you know, it's, it's, it's not monolithically vertically integrated, but it's kind of ver- vertically integrated, virtually vertically integrated.”