If I'm not mistaken FAANG is more about the Silicon Valley (and the people that might be interested in living/working there). Meanwhile GAFAM is more from the point of view of the users, also Netflix#, as a non-US online presence is pretty new, and let's face it, is only about a specific kind of entertainment - one might then add Valve/Steam as well !

It does bother me when politicians say GAFA and leave out Microsoft (but not Apple??)

#Netflix did play an important part in adding DRM to the Web specifications...

FAANG for top pay, GAFAM for global dominance?

I agree with the company choices, but the spelling of the acronym worries me that it will be read or intended by some as "gay fam". Particularly since the usage as a generic insult makes semantic sense for disparaging a group of closely related companies...

(I guess it's not the only slur it has to avoid with that letter combination though.)