Idk what's going on with the modulated carrier in that image. Here's a better visualization: https://flypaper.soundfly.com/wp-content/uploads/2017/09/AM_...
Notice how, when the modulator wave is at its top the FM wave is very short, and when the modulator wave is at its bottom the FM wave is very long.
FM = adjust the frequency (width) of the carrier based on the absolute value of the modulator.