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After going through this round of Big Tech earnings reports, I found something very interesting—the market has started grading each company's AI spending, and the score differences are ridiculously large. Microsoft and Amazon scored high. Both companies' cloud business growth exceeded expectations, and AI-related revenue is already reflected in their earnings reports. Andy Jassy clearly accounted for AI spending during the call, and Wall Street bought it. Microsoft, Amazon, Alphabet, and Oracle collectively gained $1.9 trillion in market value over three days. Meta and Alphabet tell a different story. Meta has fallen for 11 consecutive days, with Zuckerberg's personal net worth evaporating by $17.8 billion. Meta's AI direction is actually fine—they just released the Muse Code programming Agent and their cloud business is doing well—but the problem is the input-output ratio hasn't been validated yet, and the market has no patience. The most critical indicator is the growth rate of cloud business revenue. ADWEEK has a very apt saying—the cloud business is the cash engine that keeps the $725 billion AI bill alive. Whoever can prove with cloud revenue that AI is already making money gets the license to keep burning cash. Those still just painting a rosy picture get voted out by the market. Next, let's see if Meta can clearly tell the story of monetizing AI in the next quarter. The cloud business news caused the stock price to rebound 9%, indicating the market is willing to give a chance—but the condition is to see real money. The above does not constitute investment advice; individual stock judgments should be based on your own research.