Between the FAANG quintet and China’s rivaling BAT companies, gains in the world’s top technology shares are nearing a whopping $1.7 trillion in market value this year.
That’s more than Canada’s entire economy, and exceeds the worth of Germany’s biggest 30 companies put together. The eight tech giants Facebook Inc., Amazon Inc., Apple Inc., Netflix Inc. and Google parent Alphabet Inc., as well as their Asian peers Baidu Inc., Alibaba Group Holding Ltd. and Tencent Holdings Ltd. have amassed as much money in 2017 as Pacific Investment Management Co., one of the world’s biggest fund managers, has done in about 46 years.
While the stocks have seen a meteoric rise this year, their combined market value came off highs amid a global selloff in which the year’s high flyers had a bigger retreat. A recent breakdown in the correlation between high-yield bonds and the tech-heavy Nasdaq 100 Index suggests the slide in junk may spread further. Tech shares dropped for a third day in Asia on Monday, while futures on the U.S. gauge were little changed.