> A company facing market dynamism, price competition... Is unlikely to be investing billions in speculative r&d, for example.

The comparison to manufacturing isn't necessary because this seems to be contradicting by much of tech history itself. Plenty of companies have spent plenty of billions on R&D to outpace their real competitors.

If we're to update our view of monopoly (and I agree we should) it should be to clamp down on them even more.