The five FAANG stocks of Facebook (FB), Apple (AAPL), Amazon (AMZN), Netflix (NFLX), and Alphabet (GOOGL) saw their combined market cap fall 30% during the late 2018 sell-off.  As shown in the chart below, their combined market cap has climbed back quite a bit since the lows, but it’s still about $330 billion from prior highs.  Start a two-week free trial to Bespoke Institutional to access our premium research!

If we just look at the four largest companies in the S&P 500 instead of FAANG, they’re a lot closer to eclipsing the prior combined high of $3.8 trillion.  As shown below, Apple (AAPL), Amazon (AMZN), Microsoft (MSFT), and Alphabet (GOOGL) together account for $3.7 trillion in market cap at the moment.

The $3.7 trillion in market cap that the four largest stocks make up accounts for about 14.7% of the S&P 500’s total market cap of $25.1 trillion.  The S&P 500 as a whole needs to add another $600 billion in market cap to eclipse its late 2018 high of $25.7 trillion, more than half of which is from the five FAANG stocks.