It's not because of poor performance, but because capital expenditures are so large that people start to doubt life, and funds choose to run on the spot.

Here's a simple summary of this wave of "Six Giants Revealed"—

Microsoft: Spent a lot of money, but didn't see any AI results, and the stock price first knelt.

Amazon: Money was spent, but AI performance was hard to describe, directly disliked by the market.

Meta: Crazy spending on AI stories, but the gains evaporated in place.

Tesla: Realized they need to spend money on AI, but the pace is obviously half a beat slow, and was ruthlessly sold off.

Google: Also spending money, but AI can really compete, and the sentiment flipped to a V.

Apple: Simply not following the AI trend, no spending, no fuss, and instead became the biggest winner.

After a long circle, the market finally drew a conclusion:
The one truly capable of fighting alone without relying on capital infusion is still OpenClaw.