Vertical integration can take us to dark places, but it can also provide incredible product experiences.

I think with Apple, Amazon, Microsoft and Google, you have a good competitive landscape to work with right now. All of these players already making their own chips. ~4 solid verticals that are somewhat compatible and highly competitive with each other in large, mostly-overlapping regions.

Honestly, things feel pretty OK to me when you factor it all in. If it was just Microsoft or Apple doing the vertical chip thing and they were going absolutely hockey stick over it, then perhaps. But there are several competent players doing this now.