Look at the two closely. There is a significant difference, even if just looking at the amplitude envelope.
Look at just the top envelope of the AM signal. It is the same sine as the carried signal. However, note that the tops of the other signal are effectively the absolute value of the sine. This results in two obvious differences you really should be able to spot. The dips are "sharp", and the frequency is double.
What you can't see on the scope at this magnification is that the lower carrier has its phase flipped 180° every hump. One way to think of this is over-driven AM. When the negative peaks of the carried wave go lower than what causes the carrier to have 0 amplitude, it causes a sortof "negative amplitude" which is the carrier with inverted phase.
To get some intuition, start with nearly 100% modulated AM, then crank up the amplitude of the carried signal and see what happens at the negative peaks. As the carrier gets multiplied by a negative number, it's phase gets flipped. As the magnitude of that negative number increases, the amplitude of the carrier increases, but still with flipped phase. This is exactly what you should expect to happen when a sine (the carrier) is multiplied by a negative number.