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FAANG was never about tech dominance (no Cisco, no Oracle, no Microsoft) but was about tech stocks experiencing a period of hyper growth at the time the acronym was coined. MS has been a mature, late stage dominant tech firm for decade.

On that part, I never understood why people put Netflix in there, except for making it easier to pronounce. Netflix feels neither like a sheer evil corporation nor an abusive quasi monopoly, nor a giant in any specific way (why would we put Netflix in front of Disney for instance?)

It's all about stock value [1]:

> Overall, it is through strong financial performance such as this that the FAANG stocks have prospered recently. Over the past five years, for instance, Meta and Amazon have seen stock-price increases of 185% and 500%, respectively. For their part, Apple and Alphabet saw price increases of about 175% over that same timeframe, whereas Netflix saw its value rise by nearly 450%.

[1] https://www.investopedia.com/terms/f/faang-stocks.asp

I’ve always thought it should be faamg anyway!