The moral is moderation.

Too much risk and too little risk are both bad. Take risks, but only risks which you can actually afford.

It's like how both too little and too much dihydrogen monoxide is bad for you.

the problem isn't that Google cancels risky projects, it's that they will make 3 different chat apps, cancel all 3, and make 3 more. any remotely sensible company would when making a new messenging app throw their eggs in one basket to take advantage of network effects rather than intentionally fracturing the market with multiple products.

It's the circle of life, though.

Companies grow old and fearful. They stop taking risks and treat failure as a "bad" thing to be avoided. In so doing, they become blind to new frontiers.

That, in turn, finally opens the door for a new wave of hungry startups who are willing to take risks and embrace failure. They come in, disrupt the old guard, and spend 10-20 years becoming giant corporations in their own right. In time, the cycle repeats again.

It's been a very long time (20+ years!) that some of these companies have been going. If they're just starting to become fearful and risk-avoidant, then perhaps the next wave of interesting startups is finally < 10 years away.

(For what it's worth, the current bear market also has me thinking it'll be a good time to start a startup in the next 5-10 years. If I were still young and spry, I'd be champing at the bit to save up a few bucks, stockpile some ramen, and go for it.)