$Microsoft(MSFT.US)$Amazon(AMZN.US)$Meta Platforms(META.US)$Alphabet - C(GOOG.US) Personally, I think all four earnings reports are good, but Microsoft and Meta have been hit quite hard. Meta is obvious, it's a free cash flow problem, the burn rate is indeed fierce, but stopping would be even more disastrous. Among cloud providers, Google's profitability has stabilized now. For Amazon and Microsoft, their free cash flow is actually a mess. Talking about cloud growth rate, Google looks scary, but you can't ignore scale and just talk about growth rate. Comparing valuations, Microsoft's forward P/E is 20, free cash flow is equally bad for everyone, and its growth isn't weaker than any other company. Growth is limited by physical bottlenecks. The valuation gives a 10-20% premium to two, and a 30% discount to one. I think that's a bit overdone, they don't deserve that.