I don't buy this. The same logic suggests that Tesla would not have been able to innovate the automotive market. AirBnB would not have been able to breakthrough the accomodation market. Or petroleum would be dictated by a few Robber Barons.
If anything, what sets the FAMGA apart is their embrace of innovation and their willingness to invest in new technology to maintain their market position. The author's notion that innovation will slow (the core 'profound implication') is not backed up with any data (except that IBM was dominant ... and now not).
If anything, what sets the FAMGA apart is their embrace of innovation and their willingness to invest in new technology to maintain their market position. The author's notion that innovation will slow (the core 'profound implication') is not backed up with any data (except that IBM was dominant ... and now not).