When capital flows like water, many ideas seem like great standalone businesses. A 13-year bull run led to predictions of the unbundling of Craigslist, Facebook, Ebay, LinkedIn, Reddit, and many others. The narrative goes like this: the incumbents are fat and lazy, and under-serve their various niche audiences. This makes them vulnerable to startups which can better serve those niches, sharding them into a million pieces, or at least into many unicorn-sized pieces.