The market said Amazon and Google are doing well, and Meta is not. Meta lost some credibility with its failed Metaverse investments.

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Tech’s $380 billion splurge: This quarter’s winners and losers of the AI spending boom, Oct 31, 2025
"Google, Microsoft, Meta and Amazon all raised their forecasts for capital expenditures in their earnings reports this week. ...

Amazon saw its stock soar after the company beat on earnings and revenue, and said capex this year will be about $125 billion, up from a prior forecast of $118 billion. ...

Investors also cheered Alphabet, which reported an earnings beat and boosted its capex forecast for this year to between $91 billion and $93 billion from a prior range of $75 billion to $85 billion. The stock rose 2.5% on Thursday.

But Microsoft shares fell about 3% even though the software company’s results exceeded estimates. ...

Meta’s stock was hit harder, plummeting 11% on Thursday, its steepest drop in three years, despite an across-the-board beat. The company narrowed its capex guidance to between $70 billion and $72 billion, from a prior range of $66 billion to $72 billion. Unlike Amazon, Microsoft and Google, Meta doesn’t have a cloud service and lacks a clear revenue story that’s tied to its AI investments."
cnbc.com - Tech AI google meta amazon microsoft spend

Metaverse Lack of adoption
"As of 2023, there has been little adoption of Metaverse technology, with Decentraland, a platform claiming to be the metaverse, reporting that it had 8,000 daily users or fewer. Ed Zitron in Business Insider and Marc Olinga in The Street declared the Metaverse a fad that was "dead", having been displaced by artificial intelligence as the current hot new trend in computing."
Wikipedia: Metaverse - Wikipedia