Albert Barnes Commentary Daniel 8:22

"And as for that which was broken, in the place whereof four stood up, four kingdoms shall stand up out of the nation, but not with his power." — Daniel 8:22 (ASV)

Now that being broken - By the death of Alexander.

Whereas four stood up for it - Stood up in its place.

Four kingdoms shall stand up - Ultimately. It is not necessary to suppose that this would be immediately. If four such should in fact spring out of this one kingdom, all that implied in the prophecy would be fulfilled. On the fulfillment of this, see the notes at [Daniel 8:8].

But not in his power - No one of these four dynasties had at any time the power which was wielded by Alexander the Great.