Earlier article on semiconductor consolidation discusses rising costs & the difficulty of shrinking features are changing the dynamics of who buys IP, tools and chips
Also, now more than ever, startups can enter the fabless market since TSMC and other foundries are open to even small customers. I think we may just be seeing a slowdown on new entries because the engineering cost, not just tool or IP cost, is monstrous for new chips (i.e. innovative features, not just coupling IP cores). Now I want to go research what portions of IC designs require the most time now. My hunches: formal requirements definition and analog design.