Three holding companies, one verdictFollow the actions, not the statements, and the answer is already visible: The major holding companies are building their own identity infrastructure. That’s the market taking shape: a handful of proprietary identity stacks, each controlled by a company with its own competing interests, where a single neutral interconnect used to sit. The holding companies just told you what they think of that arrangement. While holding companies build self-reinforcing loops on proprietary signals, everyone else is left renting graphs increasingly assembled from the same feedstock. The holding companies moved because they ran the math on dependency and didn’t like the answer.