On Jun 17, 4:05 pm, wrote:

So at any given time, you need some number of photons at different
frequencies to get the frequency components and some number of
photons at each frequency component to the the amplitude components
of the total signal.

Well, in FM the peak-to-peak amplitude remains constant but the energy
[frequency] varies.

In AM, the frequency remains constant but the peak to peak amplitude
varies.