The declining relevance of Internet Exchange points in modern internet infrastructure

These days the internet as a whole is mostly constructed out of point to point ethernet circuits, meaning an ethernet interface (mostly optical) attached directly from one routing device to another routing device.

However that is not always the case, as the humble 'internet exchange' (IX) still exists

the relevancy of IXs are progressively being diminished by the internet increasingly being concentrated into a small handful of content networks