In recent months, FAANG stocks, including Meta Platforms (NASDAQ: META), Amazon (NASDAQ: AMZN), Apple (NASDAQ: AAPL), Netflix (NASDAQ: NFLX), and Alphabet (NASDAQ: GOOGL), have made a strong recovery after grappling with challenges stemming from inflation and soaring interest rates in 2022.
Specifically, shares of these tech giants have added a combined $198 billion in market value over the past 30 days, emphasizing their resilience and the capacity to overcome macroeconomic challenges.
Meta Platforms (NASDAQ: META)
Like most prominent tech companies, Facebook owner Meta Platforms has capitalized on the ongoing artificial intelligence (AI) market boom this year.
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Even though Mark Zuckerberg’s company is not strictly an AI stock, it has been developing the nascent technology for years now and using it as a driver for its business performance. But META received a particularly strong boost in 2023 after the emergence of ChatGPT triggered a frenzy in the AI space.
Over the past month, Meta’s market cap rose by more than $52 billion, from $688.3 billion on June 7 date to $740 billion as of July 10, 2023. as of x date.
At the time of writing, the company’s stock was trading at $290.53, after closing down 0.5% on Friday, July 7.
Its shares climbed over 2% over the past week, and more than a whopping 136% year-to-date (YTD).
Amazon (NASDAQ: AMZN)
Similar to its tech peers, Amazon has staged an impressive performance in 2023, buoyed by improving economic conditions and a tech market rebound.
Boosted by better-than-expected quarterly results and a renewed focus on AI, Amazon saw its market cap surge by $60 billion on a monthly chart, rising from $1.28 trillion to $1.34 trillion during that period.
At the time of publication, shares of the e-commerce behemoth were trading at $129.79, up 1.11%.
AMZN advanced over 2% over the past week, while its YTD gains stand at nearly 52%.
Apple (NASDAQ: AAPL)
Apple, the world’s most valuable company, has shown relentless stock market performance over the years and continues to do so.
2023 has also been a rewarding year for the tech titan, driven by strong product sales, particularly iPhone, solid earnings, as well as the announcement of a new major product – a virtual reality (VR) headset called ‘Vision Pro.’
Amid this rally, Apple’s market cap increased by an impressive $170 billion over the past 30 days, rising from $2.81 trillion to $2.98 trillion. In fact, as can be seen from the below chart, the company’s market valuation exceeded $3 trillion in late June, before seeing a correction.
Apple’s stock was down 0.6% at $190.68 at press time. The stock gained around 6.9% on a monthly chart, and more than 46% since the start of the year.
Netflix (NASDAQ: NFLX)
Following a challenging 2022 highlighted by declining subscriber numbers, Neftlix has managed to attract new users in 2023, particularly after the rollout of its password-sharing crackdown.
In particular, the streaming giant saw a net increase of 1.75 million global streaming subscribers in Q1 2023 compared to the same period last year.
These improvements have been reflected on Netflix’s stock chart. The company’s market value advanced from $178 billion to $194 billion over the past month, representing a net increase of roughly $16 billion.
NFLX’s price stood at $438.10 at the time of writing, down 0.1% on the day.
On a weekly basis, its shares climbed around 1.6%, and 47% year-to-date.
Alphabet (NASDAQ: GOOGL)
Alphabet has been sort of a party breaker given that it is the only stock that lost market value over the past month among FAANG stocks.
The company’s earnings have declined by double-digit percentages compared to last year for three consecutive quarters. Additionally, the company’s revenue increased only in the single digits over that period.
Notably, GOOGL’s market cap fell by about $100 billion over the past 30 days, from $1.61 trillion to $1.51 trillion.
Still, the tech bigwig also capitalized on the broader AI market expansion, propelling its YTD gains to 33.3%.
The company rolled out its own generative AI chatbot earlier this year, Google Bard, as well as new AI-powered tools for advertisers, aimed at helping businesses achieve more specific goals for their ad campaigns.
The company’s stock stood at $119.48 at the time of writing, down 0.52% on the day. Its share price plunged by almost 6% over the past month, from $127.63.
Final Words
In 2023, FAANG stocks demonstrated exceptional performance, propelled by the flourishing AI market and more favorable market conditions. These tech giants have capitalized on the AI boom, culminating in robust growth and solidifying their positions as industry leaders.
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