It's not because of poor performance, but because capital expenditures are so large that people start to doubt life, and funds choose to run on the spot.
Here's a simple summary of this wave of "Six Giants Revealed"—
Microsoft: Spent a lot of money, but didn't see any AI results, and the stock price first knelt.
Amazon: Money was spent, but AI performance was hard to describe, directly disliked by the market.
Meta: Crazy spending on AI stories, but the gains evaporated in place.
Tesla: Realized they need to spend money on AI, but the pace is obviously half a beat slow, and was ruthlessly sold
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