Based on the existence of polysemy (e.g., lunch can refer to both food and events), it is argued that central tenets of externalist semantics and Fodorian concept atomism, an externalist theory on which words lack semantic structure, are unsound. We evaluate the premise that these arguments rely on—that polysemous words have separate, finer‐grained senses. We survey the evidence across psychology and linguistics and argue that it shows that polysemy does not exist, at least not in this “sense”. The upshot is (...) that if polysemy does not exist, it cannot pose a problem for atomism or externalism. (shrink)