Google obviously is facing headwinds as the open web, and thus web search, has been slowly dying over time. Because they are milking it the whole way down, they

Google obviously is facing headwinds as the open web, and thus web search, has been slowly dying over time. Because they are milking it the whole way down, they aren't very clear (to be generous) about what their go-forward strategy is (or if it exists). But the bigger thing is that Satya Nadella also has the "it" factor - he has a way of communicating effectively. Even when Microsoft is fucking you over for the last few years, they come out smelling like roses. Sundar doesn't have that gravity and gets overshadowed in public by the Google Cloud guy. The markets hate the perception of weakness and punish it. Microsoft is taking Bing, a joke product, and it's repackaging of Chrome and pushing it from a place of strength. No different than stitching a bunch of random shit together created Teams, which made Slack instantly irrelevant and was the equivalent of flipping the bird at Google. They're dangerous to Google because of that.