Even before real systems are widely deployed, the Internet of Things (IoT) is rushing into a period of rapid evolution. Early — and, frankly, simplistic — ideas about IoT architecture are giving way to more nuanced views, often based on analysis of data flows and on hard questions of why the IoT really matters. The result will be new architectures, leading to new silicon. We will illustrate this trend with snapshots of three new IC deployments described at last year’s Hot Chips conference.