They are not a single thing.

Google has a good model in the form of Gemini and they might figure they can win the AI race and if the web dies, the web dies. YouTube will still stick around.

Facebook is not going to win the AI race with low I.Q. Llama but Zuck believed their business was cooked around the time it became a real business because their users would eventually age out and get tired of it. If I was him I'd be investing in anything that isn't cybernetic let it be gold bars or MMA studios.

Microsoft? They bought Activision for $69 billion. I just can't explain their behavior rationally but they could do worse than their strategy of "put ChatGPT in front of laggards and hope that some of them rise to the challenge and become slop producers."

Amazon is really a bricks-and-mortar play which has the freedom to invest in bricks-and-mortar because investors don't think they are a bricks-and-mortar play.

Netflix? They're cooked as is all of Hollywood. Hollywood's gatekeeping-industrial strategy of producing as few franchise as possible will crack someday and our media market may wind up looking more like Japan, where somebody can write a low-rent light novel like

https://en.wikipedia.org/wiki/Backstabbed_in_a_Backwater_Dun...

and J.C. Staff makes a terrible anime that convinces 20k Otaku to drop $150 on the light novels and another $150 on the manga (sorry, no way you can make a balanced game based on that premise!) and the cost structure is such that it is profitable.