If it's large enough.

I'm saying that a functioning company that reaches a certain size can stop being good at what it does and start buying market position and market share.

For example, I don't believe Apple is more efficient at designing processors than most processor companies, I think they have had some luck in that they adopted a strategy for mobile that ended up delivering a CPU with high performance (this is roughly the same story as Intel Core 20 years ago). They are able to deliver a CPU that is at the top but not dramatically faster than their competitors not because they are so 'good at' designing processors, but because they steer a very large percentage of the total CPU R&D budget of the entire world. They can buy anyone who is innovative, and generally that means eliminating them rather than incorporating them.