I’d disagree that they “don’t make great business.”
Obviously it depends on what metric you use to judge what a good business is, but let’s use ROE for the sake of argument.
AAPL is top-10 in the S&P500 for ROE. MSFT is in the top 20%. NFLX is in the top 100. GOOGL is juuuuust shy of top 100. FB just shy of top 25%. AMZN is top 30%
The problem is that the valuations were bad, not that the companies themselves are bad.
Netflix’s TTM revenue curve is pristine over 12 years. TTM EBITDA curve is pristine. The problem is forward expectations. Any reasonable person could see that there was going to be a saturation point. Expecting those curves to remain pristine in perpetuity was simply unreasonable, and here we are: everyone still on the hype train just took a ride over a cliff.
