I think the change in sentiment is that the sky is no longer the limit for Alphabet. Meta lost that notion big time, and Amazon is so so too. Apple and Microsoft might still be in the "sky is the limit" category, or at least in another category than the other 3.
Microsoft successfully transitioned into cloud computing with Azure, Office 365, and Teams. They dramatically improved their image among developers/open source with WSL, Typescript, VS Code, and their GitHub acquisition. Now it seems they caught Google completely off guard with respect to AI productization.
Is this the driver?
Microsoft as IBM is a horribly outdated take.
Because of MS, they helped me love desktop apps again: VSCode, Outlook, Edge, and the ever so controversial Teams.