One of the arguments you regularly hear in Silicon Valley is that we shouldn’t worry about the power of Facebook, Apple, or Google (or Amazon and Microsoft) because in the fast-moving world of technology, all glory is fleeting: their market share could be be destroyed by a plucky upstart tomorrow. Farhad Manjoo explains in “How the Frightful Five Put Start-Ups in a Lose-Lose Situation” why this is nonsense: essentially, today’s companies are better at watching the landscape, identifying promising new ideas, and copying those it can and buying those it can’t:

Because today’s giants are nimbler and more paranoid about upstart competition than the tech behemoths of yore, they have cleverly created an ecosystem that enriches themselves even when they don’t think of the best ideas first. The Five run server clouds, app stores, ad networks and venture firms, altars to which the smaller guys must pay a sizable tax just for existing. For the Five, the start-up economy has turned into a heads-I-win-tails-you-lose proposition — they love start-ups, but in the same way that orcas love baby seals.