Incumbents are fighting back against disrupters
This is very similar to Ben Thompson's The End of the Beginning article: https://stratechery.com/2020/the-end-of-the-beginning/What I took from this article is that you can never beat incumbents by trying to offer a better version of their product. They already have immense institutionalized knowledge and economies of scale. You can only beat them by offering a different product that meets their needs better. Think Walmart vs Amazon. Online shopping is actually a completely different product.An example today is the iPhone. There are a ton of competitors trying to offer a better version of the same thing, but iPhone share is only growing in the US. Is it possible to offer a product that better suits its niche of mobile general purpose computing? Maybe! But technology today is so capital and knowledge intensive that the kind of organization that can try is probably already about Apple-sized (Vision Pro?).