We are now well past peak big tech. Google, Facebook, Microsoft, and Apple have not created anything hugely disruptive in the past decade. Their growth is not driven by innovation. These companies have become ex growth, large cash flow businesses. Although their valuations may still increase due to cash flow generation, they are no longer focused on organic innovation. Instead, they have relied on acquisitions, which exposes their lack of innovativeness. There have been instances of misallocation of capital, such as overspending and investing in projects that consume large amounts of cash but do not generate substantial returns. These companies have transitioned into being cash cows, which are valuable in financial markets but not sources of growth.