Fair points, but I'd counter by pointing out how the VR/AR landscape seems to be shaking out. Google, Microsoft, Apple, HTC, Sony, Facebook, Samsung, and Snapch

Fair points, but I'd counter by pointing out how the VR/AR landscape seems to be shaking out. Google, Microsoft, Apple, HTC, Sony, Facebook, Samsung, and Snapchat are all investing heavily in VR. Magic Leap is really the only independent company pursuing the tech. Now maybe there will be a startup to come out of left field, but I doubt it. The incumbents just have too much leverage. Like the pharma companies that discovered the "low-hanging fruit" software companies have done the same. Facebook is the default address book. Amazon's multi-level logistics advantage will be hard to beat. It's not to say that they won't face competition, but they'll be able to buy them out—or clone the products. Lets assume VR/AR isn't the next meaningful battlefield and it's self-driving cars. Who is going to win? Google and Apple are both clearly investing here. Tesla and Uber could make a case, though Apple could buy either rather comfortably. GM acquiring Cruise is a great example of the theory in operation. I'm not saying the theory is airtight, and I don't think it means we won't see new companies emerge, but rather, that the pillars of ecosystem are set.