In one sense, you're right, but in another, I'm not so sure.
Let's be clear: Apple made arguably the best VR headset yet. But VR is still ... niche. Few market analysts are convinced of Apple's vision here, so its stock is doing OK but not exploding like Microsoft's. It's a big risk for Apple, whereas all eyes are now on AI, which IS a viable business (hence why Microsoft is now the most valuable company in the world, and soon, the most profitable, ahead of Apple).
Zac and I have talked about HoloLens a lot on the podcast and noted while it is amazing, we don't have much use for it as a consumer product. Microsoft pivoted towards enterprise for it with moderate success, but it's still an uncertain tech.
Regardless, Microsoft still has the technology and patents and is still developing it, but like them, I'm just not sure it has a future. A much more realistic answer to all of this is XREAL Air 2 Pros, which cost $699 and have spatial and hand tracking. Sure, it's not as impressive as Vision Pro, but it's way more practical (it works with PC, Android, iOS, etc) and has a much more focused purpose.