The pace of change in business is accelerating, and established companies fear being disrupted by new technologies and startups. However, America’s largest corporations, such as Walmart and JPMorgan Chase, have remained secure and have experienced limited disruption during the internet era. The lack of revolutionary change can be attributed to industries like oil extraction and electricity that have not been greatly affected by digital technologies. Moreover, inertia and regulatory systems favoring incumbents have slowed competitive upheaval. Large companies also have the advantage of scale, allowing them to invest in research and development and quickly monetize breakthroughs. Established firms and startups often collaborate to enhance innovation, leading to many acquisitions. The decline in new business formation can be attributed to demographic changes, with a decreasing share of young people in the population. Although there has been a recent burst of entrepreneurial activity, the dominance of corporate giants in the market is likely to continue.
https://www.economist.com/business/2023/08/21/americas-corporate-giants-are-getting-harder-to-topple