High-flying tech stocks succumb to gravity

A round of earnings reports and subsequent jitters have wiped 10% off the FANG+ tech stock index in a week.

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Apple has survived the tech jitters unbruised

The FAANGs may be losing their bite. The group of high-growth US technology giants comprising Facebook, Amazon, Apple, Netflix and Google's parent company Alphabet has been driving the US bull market over the last few years. But a round of earnings reports and subsequent jitters have wiped 10% off the FANG+ index (which also includes major US-listed Chinese tech giants) in a week. A 10% drop is known as a "correction"; a 20% one constitutes a bear market. "These companies have defied gravity for multiple years and they are starting to come back to earth," Michael Underhill of Capital Innovations told the Financial Times.

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Marina Gerner is an award-winning journalist and columnist who has written for the Financial Times, the Times Literary Supplement, the Economist, The Guardian and Standpoint magazine in the UK; the New York Observer in the US; and die Bild and Frankfurter Rundschau in Germany.

Marina is also an adjunct professor at the NYU Stern School of Business at their London campus, and has a PhD from the London School of Economics.

Her first book, The Vagina Business, deals with the potential of “femtech” to transform women’s lives, and will be published by Icon Books in September 2024.

Marina is trilingual and lives in London.