Current big tech was built, or rebuilt post tech bubble burst. All the best tech companies now were the ones who managed to make it through the bubble burst, or were formed post bubble bursting and grew. Many major IPO flops (think Pets.com) and old behemoths didn't change and they became shells of themselves (think IBM). MSFT seems to be one of the few companies that keeps making it through these bubbles. Their strategic moves with OpenAI have guaranteed them to be top dog for quite a while. Google seems like it's playing catch up now. But more importantly, who's next? Before, NLP was something expensive and needed teams of ML scientists to figure out new architecture etc. Now, a new era of AI-as-a-Service companies will come online and be massive enablers for the next era of companies. I think once this mess is over and the market finally balances out, anyone who's managed to stick it out and make it through and re-invent themselves will be able to capture a massive productivity boost (i.e. economic gain).
Investments do not always end up in monetization If at all anything Microsoft has woken up the Giant named Google Google dominates 90+% search market share in mobiles already
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I don't think MSFT has made it through yet. If they can successfully monetize and move a significant share of Google traffic to Bing is something that remains to be seen.