This article examines why traditional antitrust approaches fail to address digital market power effectively. Analyzing U.S. enforcement data from 1995-2023, it reveals that static competition models focused on price effects are misaligned with digital ecosystems’ rapid innovation and complex multi-sided platforms. Despite major tech firms completing nearly 900 acquisitions, merger challenges were four times lower than in other sectors. Recent enforcement failures underscore the need for dynamic competition frameworks that account for innovation cycles, network effects, and cross-market competition in...