There is almost no real competition among the FAANG companies. Google and Amazon have token hardware efforts. Only Facebook has more than a token social media effort. Apple has been careful to circumscribe its retail presence to its own hardware.

The network effects Facebook and Google enjoy are every bit as powerful as carrier barriers to entry. I have way more options for Internet access (two wired, four different cellular providers), than I do connecting with my family over social media. (My family lives all over the world, and I don’t even have phone numbers or email addresses for most of them). I have no choice not to have Google scan my emails, because my family all had gmail addresses. Etc.