FAANG bear market: Fear or fake?

Facebook, Apple, Amazon, Netflix and Google-owner Alphabet: the FAANG companies, drivers of the longest bull run in history and widely heralded symbols of success in corporate America have fallen more than 20% from their peaks. That means the biggest (and arguably most important) companies in the world are now in bear market territory. Investors are panicking. America’s Nasdaq index closed down 3% on Monday, driven by the FAANG collapse (all five fell between 4% and 6% in one day). Asian stocks followed suite amid fears that many of the market’s chipmakers might not be in such high demand if Apple…