Macy's bounced 58% and 148% on its way to losing 67%. Are AI-hit software stocks setting up the same way?

Was reading a thread this week about how disrupted companies trade, and the Macy's numbers stuck with me.

Macy's had 2 big rallies: +58% in 2016 and +148% in 2018. Over 2015 to 2019 the shares still fell 67%, while SPY gained 73%.
And those rallies weren't pure hype. Same store sales rose 2% in 2018.

BlackBerry is the other one. The stock peaked in 2008 but revenue didn't peak until 2011. Even after that it tripled once before ending down 95% by 2013.

Kodak had shifted to a majority digital mix (54%) by 2005, and jumped 30% in 2010 on turnaround numbers. Chapter 11 came in 2012.

The thread quoted Citrini, who says a short basket of 25 AI losers is down 38% over 3 years while SPY is up 75%.

What I take from it: disruption shows up first as a lower multiple while current earnings still look fine, so a good quarter can hide the damage.

Questions the thread suggested instead of "do they use AI" were whether customers still renew, whether pricing holds, who owns the customer relationship, and whether the new product actually replaces the old profits.

What am I missing?