> FAANG is best positioned to every tech innovation because they have the resources and know-how to pursue it.

This isn't what I've seen. FAANG, and all large corporations, have many layers of bureaucracy that are required for approval of projects. "New" and "innovative" are "different" and "not well understood" by definition. As the bureaucracy get crusty, and more risk adverse, the ability to get these "unknowns" approves becomes harder and harder. Instead, you see buyouts of small companies, who didn't have that layer of bureaucracy to dig through, as the larger source of innovation. Going forward in time, like Intel, these small and innovative acquisitions get integrated and destroyed by that overwhelming bureaucracy, before they can even be fruitful.