Revenge of the FAANGs!
Or is it MAANA? MT MANANA? Not matter the acronym, tech stocks have enjoyed an epic rally in 2023.
The old FANG acronym for big tech stocks…updated to FAANG in order to include Apple…may no longer really make sense now that Facebook is Meta and Google is Alphabet. (Although Alphabet kept the GOOG/GOOGL stock ticker at least.)
But the FAANGs — or MAANAs if you’re nasty — are once again proving why they’re worthy of a cutesy nickname. Tech and other momentum stocks are on fire this year.
Shares of Meta have more than doubled this year. Apple has gained nearly 35% while Amazon has surged almost 40% in 2023. Netflix is up more than 25%, thanks to a 10% pop Thursday following the news that nearly 5 million subscribers are paying for the service that includes advertising. And shares of Alphabet are up 40%.
Shades of the late 1990s/early 2000? The tech sector is booming. The Nasdaq is up 20% already this year. And the former FAANG five aren’t the only megacacp techs thriving in this market. If you add Microsoft, Elon Musk’s Tesla and chip giant Nvidia to the Big Tech group, you have an octet that’s on fire in 2023.
Mister Softee’s shares are up more than 30%. Tesla has gained an electrifying (sorry…not sorry) 42%. And Nvidia is the best performer of them all, skyrocketing an astonishing 115%.
Welcome to MT. MANANA?