$Microsoft(MSFT.US) The reason for Microsoft's drop after the Q1 earnings report was the slowdown in Azure growth and increased capital expenditures. This Q2 earnings report directly negated these two negative factors, so Microsoft entered an upward trend.

Google and Meta both started to oscillate downward after their Q2 earnings reports, due to excessive capital expenditures and the fact that the results of AI investments have not yet materialized. To return to an upward trend, it is necessary for the Q3 earnings report to negate these two negative factors, or for other larger positive factors to emerge. During this period, various negative factors may also be released continuously, suppressing the stock price.

Looking at the long term, the fundamentals of the three companies have not changed much; it is only because short-term factors have changed the direction of the stock prices.