Tesla is (in)famously overvalued. Their market cap is higher than most other car manufacturers (pumping out many times more vehicles than Tesla is), most of whom have caught up on EVs (is Toyota the only big manufacturer still lagging on EVs? I think they are). It's purely the brand of their CEO which is of course floundering because he's incapable of keeping his mouth shut and first comer advantage, and both of those are disappearing fast.
Microsoft, Apple, Amazon, Google have real utility, true, and they're huge, all across the world.
> What a sore lack of innovation
That's the wrong way of looking at things IMO. Just because the biggest companies are old and in non-tech niches doesn't mean there's no innovation. You can't seriously claim that companies such as VW Group, Stellantis, Airbus don't innovate? Let alone the smaller star/scale-ups (just a few French examples: BackMarket, Doctolib, Ornikar). There's plenty of innovation, it just isn't what's best valued and highest earning. A French innovating startup first has to capture the French market, then expand to neighbouring countries (of course that means legal and translating challenges at the very least) to be able to become big enough for those huge valuations. An American one is starting with a much bigger market to be able to capture, so of course a French innovator will be lagging in terms of global market share and valuation; that doesn't make them any less innovative though.
As a small example, Doctolib have practically revolutionised doctor's appointments in France and are exporting the model to other countries. Innovating in the healthcare space is very difficult due to a variety of reasons (highly sensitive data, lots of incumbents, doctors don't necessarily want to have any tech involved any more than necessary) but they did it with great tech.