I'm still bullish on Alphabet because a) they aren't getting broken up during the current admin and b) they are monetizing AI in a way that's going to become increasingly clear the others cannot do so yet.
Not sure if this is a 2026 impact, but I'm long-term bearing on Meta because it has nowhere to grow and I think ultimately the end user recognizes the product has social harms. I liken it to a Diageo or Constellation Brands, in that consumer tastes are shifting away from it not because of policy changes but consumer preference for something healthier.
Also, parents are going to continue to push for later adoption of mobile devices and it's absence in schools, and this later adoption I think will help disconnect successive generations from habitual social media engagement (it'll still be huge, just less so).
I'm a little bearish on Amazon, too, but I think the market already recognizes they are struggling to grow revenue. Maybe even more than Meta, there's also some externalities that Amazon has exploited and that make them far more exposed to policy changes (like the tariffs, but also product fraud, huge amounts of product waste, very capable management in direct competitors, etc.)