Their results are in, and it seems the reign of the so-called FANGs (Facebook, Amazon, Netflix and Google) may be drawing to an end. Over the past year, the share prices of this group of Silicon Valley tech giants have all surged, propelled by giddy optimism about their prospects for future growth and profits.
Hedge funds and others have gleefully chased those prices higher in what has become one of the most crowded trades of 2018, according to money managers.
In recent days, investors have been stung by a mixed batch of financial results. They prompted a dramatic plunge in the value of some of them – above all Facebook which shed over $120 billion in market value on Thursday.
Market wags are…