This earnings season is showing that investors want proof AI investments can generate meaningful returns, according to Stephanie Walter of HyperFrame Research. She says this explains the positive reaction to Microsoft (MSFT), Amazon (AMZN), and Alphabet (GOOGL), while Meta Platforms (META) has not shown a path to monetization of A.I. Walter also says Apple (AAPL) is taking a different approach, focusing on enhancing its existing products and user experience rather than competing in the A.I. spending race.