> I remember everyone was sort of in awe of the numbers and generally had a pretty positive sentiment towards the success. However, I'm not sure I can craft a really clear narrative that connects this back to stagnant wages. But it seems related.

The relation I can think of is the tech giants obviating away many instances of labor that were being sold.

Email, travel agents, streaming, GPS mapping apps, etc all let people do a lot more with the labor of a lot fewer.

But that is not solely the domain of tech giants or tech companies. Automation has been happening for decades, along with outsourcing to countries with cheaper labor.

Since prices (wages) stayed stagnant, one can conclude that the supply of labor increased more than the demand for labor.

Edit: another factor increasing supply of labor is women joining the workforce