Netflix’s horror show quarter is a reminder that there are limits to the technology industry’s rate of growth
Big tech has been carrying the US markets for some time now. Since Jim Cramer coined the acronym FANGs in 2013, the market’s very biggest boys have, until recently, just got bigger and bigger. FANGs became FAANGs, then FAANG+ or – another Jim Cramerism – MAMAA as names and market caps changed, before finally the Muppets inspired MANAMANA, incorporating Nvidia and Adobe and name changes. Apple – bizarrely excluded from the first FANG definition – became the world’s first trillion-dollar company in Aug 2018 and then the world’s first three trillion-dollar company in January. Microsoft, Alphabet/Google, Amazon, Meta/Facebook, and Tesla (a story for another time) have all since joined the trillion-dollar club.