I wanted the markets to be defined by huge earnings reports from Microsoft and Meta, says Jim Cramer

Market Valuation & Sentiment - Figma's IPO surge to $115 after pricing at $33 reflects market euphoria and unreasonable valuation [1] - The market's decline was attributed to Figma's overvaluation, highlighting the importance of reasonable valuations [2][3] - Euphoria is considered detrimental to business [3] Company Performance & Comparison - Microsoft briefly reached a $4 trillion valuation [4] - Meta's valuation is just under $2 trillion [4] - Microsoft sells at roughly 35 times earnings, while Meta sells for less than 29 times earnings [6] - Microsoft's stock gained nearly 4%, and Meta's jumped more than 11% following strong earnings reports [6] Strategic Investment & Future Outlook - Microsoft and Meta's success is attributed to significant investments in artificial intelligence [5] - Despite their size, Microsoft and Meta are considered undervalued compared to national economies [7]