Yeah, that part made me cringe. The fact that the majority of the profits are accumulating at a few players is actually a sign of a late stage market after consolidation with monopoly profits.

Productivity gains only drive profits if they provide a sustainable competitive advantage. There is a reason Buffet stays from IT - we improve productivity all the time but he can't figure out where the moat is. Apple (iOS/Hardware engineering), Amazon (Warehouse, Scale), Google (Advertisement market leader), Facebook (Attention) and Microsoft (Office) have some form of sustainable moat. The broad market less so.