The threat of entry now reprices incumbents faster than entry itself.
An FCC-approval-contingent $8B spectrum purchase erased $50B+ of carrier value in one session, and Nvidia's unshipped N1X knocked Intel and AMD down 4% on announcement day — markets now price cross-category invasion the moment it is signaled, not when a unit ships.
The same conclusion keeps arriving from across the workspace's research — 1 topics independently instantiate this theme. Filter the evidence by where it came from:
T-Mobile, AT&T, and Verizon lost $50B+ in a single session on a deal that still requires FCC approval, before Starlink Mobile has competed for a single subscriber.
Silicon that had not yet reached a single retail shelf was enough to reprice the client-compute incumbents, and the market now treats any Nvidia PC-CPU datapoint as an industry-wide event.