Shares of Microsoft, Meta Platforms, and Alphabet are under pressure amid investor reassessment of AI infrastructure spending and ongoing geopolitical uncertainty. Since the beginning of the year, Microsoft shares have fallen about 24%, Meta 17%, and Alphabet 10%, with Meta dropping more than 8% in a single day.

Despite strong financial results, the market remains cautious about large-scale AI investments. Microsoft’s cloud business continues to grow but lags behind Google Cloud in growth rates and still trails AWS in scale, raising concerns about its long-term leadership.

Meta faces additional risks due to its heavy reliance on advertising and social platforms. While revenue is growing, profit is increasing at a slower pace, and plans for significantly higher AI spending may put pressure on margins in the coming years.

Against this backdrop, Alphabet appears more balanced thanks to its strong search business and rapidly growing cloud segment. Google Cloud shows leading growth and improving profitability, making the company the most attractive among its peers during the current dip.