Google and Amazon get revenue from people using their cloud infra for GenAI stuff. Google can also cash in through other products like Workplace, but also has VertexAI, their OpenAI alternative. Amazon doesn't really have a ball in these product based offerings.
Apple is missing out on both, lacking a cloud or API offering and has yet to meaningfully offer gen AI thorough their products, with Siri being the obvious place to do so by now.
MSFT has an advantage with Windows and VS Code copilots, and to a lesser extent GitHub workspaces.
META is one company that is dumping money into AI, and open source AI for that matter. It's unclear how they will monetize this other than through more personalization on their platforms.
DEC, Cray, Sperry Rand (univac)... the mainframe age
Shockley Semiconductor, Fairchild... the semiconductor era.
The hardware boom and bust cycle has been going on as long as the valley existed. Its almost like we have done this sort of cycle before!