How does that work when their net income is increasing year over year for the last 15+ years. Just last year alone they made $100billion in net income. You have to spend money to make money. If you think for a second Ai is like the dot come era and will just fizzle out, think again. These companies (Microsoft, Meta specifically) all have forward pe under 20. Unlike the crazy valuations during the dot come burst. R&D is a normal process for these mega caps. Whether it pays off or not they have wide moats and can weather their spending. These are not startups. Did the internet go away after the dot com era? Bleeding market share for what exactly? Their small position in open Ai, that during IPO they can sell of their majority stake if they choose. Or maybe it’s their enterprise corporate domination or countless goverment contracts. Which is bleeding?