[nostrademons]

Alphabet's absolutely subject to the Innovator's Dilemma. I left Google a few months before it became Alphabet and I could think of a half dozen markets where they'd be potentially vulnerable to it. (I also personally had projects I worked on that made $100M and were canceled because they couldn't make a billion. $100M would be absolutely awesome in most other companies, but it's pocket change to Google.)

The tricky thing about Innovator's Dilemma situations is that it's very difficult to predict a priori which $1M markets will be stuck at $1M and which will eventually grow to become multi-billion, because this usually results from changes in consumer behavior or technological capabilities that haven't happened yet. It's a "dilemma" because the companies that overlook these opportunities are acting rationally.