Very intriguing analysis Sakunthala, I think people have always, and continue to , underestimated Bezos’ level of foresight.
Ultimately what I think you are seeing with these companies is the reinterpretation of the conglomerate as you note, with the caveat being that they are all technologically endowed which allows them to grow to a scale previously unseen due to network effects and globalisation.
The other point I see is that these companies are themselves disruptors and because of that they are in a far more defensible position that the ‘incumbents’ they replaced (if they did). Collectively, their paranoia ensures they remain abreast of developments, Instagrams acquisition and then their current expansion to encapsulate everything Snapchat becomes being the prime example. And that is something which the monopolies of yesteryear lacked – a capability to be agile and match the technological developments/advances of the challengers. Now, the FANG’s can put together a world class team quicker than a startup can reach a critical mass of users.
It’s not quite accept being acquired or die, but it’s pretty close!