When was the last big tech merger? Can anyone name it? AOL and Time Warner? HP and Compaq? IBM and RedHat?
Big tech as we think of them (FAANG) are remarkably self created. Facebook didn't get big through M&A. Neither did Google or Apple. Of all big tech, Microsoft has the most acquisitions, but still, most their revenue today is from services developed in-house. No one would argue that Microsoft is what it is today because they bought LinkedIn and GitHub.