Amplification: what are the biggest advances of the last 40 years?

As an audiophile most of my adult life but without any engineering expertise, I wonder how amplification has advanced since I started in this hobby as a high school student in the eighties?

Specifically, what has advanced the state of the art and what, specifically, make newer products sound "better" than older ones?

Is it that circuit design has advanced so much?  Or is the bigger difference parts quality and the technology leading to these better parts?

And please, none of the banal "it all matters" comments.  What I'm asking: which of the above matters the most?