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Wouldn't such turbulent times be exactly when established companies are at risk as well? E.g., what electrification is doing to VW.
Although the risk for AI-first vs general big tech does depend on the root cause of the disruption.
Well yes, but for example, when someone activated voice interaction with their phone, Google or Apple decide what AI solution is used, and Google already decided to roll their own. When most companies go into AI, just expanding their existing relationship with Microsoft is what their business leaders like. Generally the established companies have preserved the customer engagement even when they resell newcomers.
An example of what you ponder would be like Sears, kmart, Amazon. The thing was that Amazon was greatly valued going direct. People loved the prices and shipping speed. Imagine if instead Amazon decided to partner with Sears and K mart and those companies largely handled the customer engagement with Amazon fulfillment on the backend. Amazon would have been much more exposed to those companies bringing it in house. This latter situation more closely resembles OpenAI and Anthropic right now, at least for the big businesses likely to pay enough after the price hikes.