The Middleware Collapse — Where Teleox Compresses the Stack
Six middleware categories carry $162B–$205B of concentrated equity exposure: ElevenLabs $11–15B, HeyGen plus Synthesia $4–5B, the Writer cohort $2–5B, governance bolt-ons $5–10B, the labeling layer $40–60B, and the thin-wrapper tier above $100B. The paper is the competitor-facing answer to what is at risk. The buyer-facing translation is one procurement question: does this ship with per-output cosine-signature audit, or does it not?









