Google

Summary * Tech giants have evolved from disruptive upstarts to entrenched incumbents, yet continue to deliver strong shareholder returns despite signs of aging. * Unlike the Nifty Fifty, today’s tech leaders possess more durable moats due to software-driven platforms, global scale, and continual reinvention. * Cultural resilience - often rooted in founder influence - has been essential in sustaining innovation and warding off bureaucratic decline. * Self-reinforcing flywheel and network eff