I don’t think that chart tells the full story. A lot of those companies move up the list just through mergers and a acquisitions — not because other companies decline.
True, but that’s kind of a distinction without a difference if you’re just looking at who’s on top. It would be interesting to separate organic growth from growth through M&A, because it’s a lot tougher to grow organically as fast as by just acquiring someone. But that’s what a lot of these tech companies have done and why their growth and dominance is so impressive.
For example, Apple has acquired over 100 companies yet virtually none are recognizable names, nor did they contribute much to the bottom line. But they each had unique and useful technology that Apple was able to integrate into it’s platforms and leverage. In contrast, GE has bought and sold large businesses for many years (think NBC Universal or RCA) and look where it’s gotten them.