In a column, Steven Sinofsky, former President of the Windows Division at Microsoft, cites various examples from the past to suggest that it is often when incumbents in technology space have established market dominance that new startups rise and displace them: While the tech incumbents are clearly generating massive revenue and profits, nearly all of this comes from products developed long ago. In fact, as we now know in hindsight, it is exactly when conventional wisdom conflates today's economic success with forward-looking product innovation that seeds are being planted for the next massive wave of innovation. Google was formed at time when the incumbents of AOL and even Yahoo were stronger than ever. Facebook came just after the dot com bubble burst. Even the reincarnation of Apple took place after the bubble burst with products being developed as the bubble peaked. And for what it is worth, the PC ecosystem, particularly Windows, was relatively "flat" mired in Windows Vista while Firefox dominated and Google Chrome was appeared (Windows 7 wouldn't come out for a year after Chrome). In the infrastructure space, the seeds were planted for both AWS and VMWare in the shadow of the dot com bubble. In an historical context it is highly likely that the next wave of innovation in new technologies and new companies will happen right under the noses of big companies operating at what the public markets think of as peak (earnings) potential.