Earlier quoted context omitted.
Alpha cancellation happened before HP/Compaq merger, when it was purely Compaq decision. At the time some partnerships were slowly reducing the base costs of making Alpha machines (with K7 Athlon motherboards and EV6 Alpha being essentially signal compatible but not pinout compatible - you could reuse the chips and most of the design). Compaq however... was not interested, for various reasons.
Oh you must be right, I mix up my time lines. In any case the economics were more or less the same as Alpha as for the others. They couldn't support integrated silicon manufacturing. It wasn't even just the manufacturing (which could be outsourced although arguably not as competitively as integrated shops like Intel until TSMC really hit its stride). Or the logic and physical design. But the software development and…
I wasn't around at the time, so I don't know what availability and pricing actually looked like, but unlike the other RISC platforms, Alpha was actually available on PC-like systems, with PCI and ISA busses, and x86 emulation at the firmware layer, allowing regular PC peripherals like VGA cards to work. Windows and, significantly, Linux, had pretty superb support for Alpha.
It's not enough to suggest that it had a chance "in any reality", but it seems like a much more potent competitor than PowerPC or SPARC or MIPS, it only because of the platform and OS support. Both Windows and Linux had pretty capable x86 emulation software layers too, and not just at the very end!