The weird exception is Microsoft which isn't in FAANG but hit 2T market cap recently. These days both Microsoft and Amazon are primarily cloud server providers.

Exactly this. None of them are nearly as hungry as they were just over ten years ago.

Not true.

Very high quality AI research regularly come from Facebool, Google, Microsoft, and Amazon.

Yann LeCun at FAIR is pioneering Self-Supervised Learning which is likely to be a gamechanger in AI.