After thinking about it again, $Meta Platforms(META.US) should be a discount for managing risk. Zuck has too much of a black history of spending money. For a company like Meta that already has a path to profitability, the valuation has been excessively cut. If they release something, and capex is lower, there's hope for a double beat. $Microsoft(MSFT.US) is more like a transformation from a light-asset model, with the cloud vendor becoming a toll booth. The future outlook is still quite certain, but stable profitability still needs to be confirmed. Personally, I think capex won't increase much more, and the inflection point for valuation correction isn't too far away. (Speaking of which, why is it still being sold off as a software stock?) $Amazon(AMZN.US) Maybe everyone is used to Xunzi's cash flow management, no matter how ugly it gets, it doesn't matter. It's a cash flow machine, no problem. $Alphabet - C(GOOG.US) An old stalwart stock, very stable, but I think the risk-reward isn't high enough anymore. The essence of stocks is buying undervalued ones. I'm still holding Microsoft and Meta.