FAANG and most other tech valuations have grown enormously over the last 10 years, but they've roughly followed the growth of their revenue streams and potential monetization opportunities. There may be some short term corrections, but the notion that the majority of risk in the current economy is concentrated in FAANG and some tech IPOs seems overly simplistic and probably just wrong.

The GFC was a result of individuals taking on massive amounts of debt in aggregate. Corporate America has similarly taken on a lot of debt over the last decade for buy backs and growth. As the author of the article notes, the last 10 years have been great for cheap debt. Negative balances are still a risk and rates are going up. The companies taking on the most risk in terms of debt are for the most part not traditional tech. Think Chevron, GE, and other industrial and energy companies. I'd conclude that the majority of the economic risk is in fact not concentrated in FAANG or even most of tech, but elsewhere in the economy.

That doesn't mean some tech companies won't get caught in the storm. I think we could very easily see a couple mid-size players go the way of Yahoo (the Snaps and Ubers).