The AI competition among tech giants has entered a "divergence period." Microsoft (MSFT.US), Amazon (AMZN.US), and Google (GOOGL.US) have gained market favor, while Meta (META.US) faces skepticism from investors.

The Zhituo Finance APP has learned that as American tech giants successively release their financial reports and maintain or raise their capital expenditure guidance, Wall Street is accelerating its reassessment of the winners and losers in the AI competition. Although large tech companies continue to ramp up their AI investments, investors are no longer solely endorsing the "burning cash" logic; instead, they are more focused on whether AI investments can be converted into actual returns, leading to a noticeable divergence in stock performance among different companies.