Amazon only has AWS, their retail business isn't worth that much (maybe $200 bil max, given low margins). Online2Offline has mostly a disappointment, as the margins of tech just could not be replicated in offline businesses.
Microsoft has O365 (Dominant business tool), Github/Vscode (Dominant coding tools, also perfect datasource for AI coding), Gaming (Windows is still overwhelmingly dominant in gaming, and also Xbox exists), AI (They own 50% of OpenAI), and finally Azure.
Alphabet has the consumer google suite (Youtube/gmail/google) that just prints out extremely high margin cash. They also have android/chrome as defensive moats for the core suite.
Hence Amazon only beats out Meta in stock valuation
Microsoft has O365 (Dominant business tool), Github/Vscode (Dominant coding tools, also perfect datasource for AI coding), Gaming (Windows is still overwhelmingly dominant in gaming, and also Xbox exists), AI (They own 50% of OpenAI), and finally Azure.
Alphabet has the consumer google suite (Youtube/gmail/google) that just prints out extremely high margin cash. They also have android/chrome as defensive moats for the core suite.
Hence Amazon only beats out Meta in stock valuation