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Innovator’s dilemma + M&A mistakes appear to be primary factors. AOL focused on dial-up internet while the world shifted to broadband. Plus they made a major screw up in buying Time Warner for $165B. Yahoo lost ad revenue to Facebook and Google after refusing to acquire both companies.
some educated speculation on Apple's role in the VR/AR space https://twitter.com/hrafntho/status/1590645027117486080
Framework for thinking about company-building opportunities: New technologies, shifting zeitgeists, changing demographics and new business models each "unlock" cambrian explosions. Most current example: open source AI models "unlocking" this entire cohort of AI-augmented vertical end-to-end solutions.
Potential concept for the FC dev community: Geofenced social media networks that are untouchable by authoritarian governments. Iran, for example, blocks Twitter. Sufficiently decentralized social media would enable Iranians to better organize anti-government movements.