Given how things go when past bubbles have popped, this is likely to be "both" I think. Just not all at once When the bubble pops you see things collapse Then

Given how things go when past bubbles have popped, this is likely to be "both" I think. Just not all at once When the bubble pops you see things collapse Then it becomes a feeding frenzy as companies and IPs get bought up on the cheap by whoever has a bit of money left When the dust clears, some old players are gone, some are still around but weaker, some new players have emerged that resemble conglomerates of the old players, but overall a lot of the previous existing power is consolidated into fewer hands