The changing semiconductor industry environment is leading to major disruptions in the business model in order to reconciliate increasing entry costs and market fragmentation. To be or not to be a pure integrated device manufacturer (IDM) or a pure fabless manufacturer is not the unique solution. Before the final consolidation, large semiconductor companies should build new organizations in which IDM, fabless, fablight sub-business models coexist through alliances and partnerships, in order to be adaptative, flexible and quick to execute.