Well, I can see HP not as a competitor, but as a potential partner. The POET technology could help to solve a lot of problems HP is facing with their toy. Problem at the moment: HP is fixed to Si...
So the question is: Can they do memristors on GaAs? The machine on one chip?
I guess they can, possibly HP just needs the right input from GaAs-specialists.
Take a look, just as an example: http://onlinelibrary.wiley.com/doi/10.1002/pssc.201100625/abstract
The future will tell us...