Yeah, except no. Every time a New Apple emerges it gets immediately swallowed or destroyed by the likes of Apple and FAANG before it can grow big enough to be a threat to them, like it happened to Oculus, WhatsApp, Snap etc.

The FAANG quasi monopolies have too much money and power to let new competitors grow big. You either let them buy you out or they'll copy your innovative shit with their enormous R&D resources and crush you so most founders are happy to just sell out and enjoy their riches instead of wasting their time fighting Goliath.

Which gives way for New New Apple :-)