This article reports on the 31st annual conference of the Special Interest group on Graphics (SIGGRAPH) of the Association for Computing Machinery held at the Los Angeles Convention Center from August 8-12, 2004. The show drew 27,825 attendees, down from its high of nearly 50,000 seven years ago, but up from 17,000 two years ago. SIGGRAPH remains the Mother of All Imaging Conferences, featuring a unique mix of science, art, commerce, and education. With a wide selection of panels, papers, films, and innovative exhibits, SIGGRAPH rarely disappoints. SIGGRAPH 2004's total exhibition area was smaller than the hallowed days of yore, composed mostly of software companies, some boutique specialty hardware outfits, schools, and graphics board manufacturers. Walking the show's exhibit floor provides ample evidence that the industry's major players have changed in recent years. Where once SGI's purple, blue, and fuchsia workstations were literally ubiquitous on a vast show floor, this year they occupied only a small booth. Graphics card makers NVIDIA and ATI have replaced SGI as the 800 pound gorillas of the industry. One reason the show floor's smaller is that there has been considerable consolidation in both the hardware and software graphics industries over the last few years. There were several indications this trend is still in full swing.