Cannon Lake is stillborn

It quadrupled since early 2016. It did so before Ryzens launch because its success was anticipated.

How else are they supposed to work? 'Worth' is whatever someone is willing to pay. There are a number of reasons why someone would pay for stock. One is expectation of future profits, another would be controlling the company's assets (again, for profits at some point). There's probably a lot more left to gut out of IBM and GE. I don't know.
Microsoft has been doing pretty well in the cloud business.

There are people who treat the stock market trading as a zero sum game. Too many people understand the stock market (or any other commodities market for that matter) as a gambling forum. Their way of profiting is to cash in on other people who have future hopes about the market price of the shares, not on the strength of the long term viability of the company's financials.