This generation is risking that there won't be a next big thing, and so someone smaller but more focused comes from behind and slowly takes over while they are focusing too much energy on looking for a next big thing that never happens. A more focused organization would better look after the core business and not be disrupted by someone who does their core business just a little better.

I can't tell you which answer is right (ask me in 30 years), but I can see possibilities.

My point was more of a warning to startup founders and investors. They should not assume that Google and the others will be too slow to respond to a competitive threat that a startup poses or a big opportunity that a startup creates. They will pounce aggressively, and either acquire or kill the startup. Complacency about FAANG is very very dangerous to the health of a startup.