Comment by npalli

Only Apple had the phone, Google's phone is mostly for pushing innovation (not sales) and Meta doesn't have a phone or OS. In the final analysis, most of the value went to these guys not the hundreds/thousands of startups that got started on mobile. Whatever these startups did, these guys copied or bought and drove most of the value post-acquisition (ex. Insta/Meta). Uber is probably the biggest and it only just crossed $150B recently.