I agree, I mean the businesses overall are very strong. That said, as a shareholder, watching Google and FB's headcount soar over the last 5-10 years to stratospheric numbers, they have to have a point where they sit down and take a hard look at what everyone is doing and be realistic about whether the projects make sense. I am all about R&D and experimentation and moonshots and the like, but the sheer number of bodies, especially in relation to "hits" that have been made, it all feels very low. The latest Pixel phones come to mind as a real home grown hit at Google, but so many of their products seem rudderless and the result of a sprawling bureaucracy[1]. It certainly feels to me that at least 20% of the workforce could be cut with probably a net gain to the organization overall. Is it fatal? Of course not- but it could be if you just let the rot sit around.

FB/Meta is the same- They have made some low key progress with Groups, have essentially wiped out craigslist as a marketplace, made some great strategic investments like WhatsApp, and essentially cut their potential replacements off at the knees by quickly copying snapchat and to some extent tik-tok, but Meta also seems poised to throw billions and billions of dollars into this Metaverse furnace, and I just don't see that working out.

I say this as a shareholder of both firms, that I have held since their IPOs or shortly thereafter.

[1] Take their home products for instance. There are nNest protects (smoke detectors/motion detectors), thermostats, cameras and doorbells... its an absolute layup to turn this into a security system far better than the crap ADT pushes. Yet... they just haven't for over 10 years now. And then they try to force a shitty subscription on you to use their cloud features that are really worthless, and have cut off APIs to third parties so I can no longer have my doorbell play through my Sonos. Its kind of maddening to watch.