Investors have been skittish around highly anticipated results. Facebook, down about 10 percent at one point last month, soared to a record high post-earnings after it delivered on mobile earnings and added subscribers.
Amazon was given short shrift despite its best quarterly revenue ever, punished for coming up short on profitability. It begs the question: is the concept of the FANGs dead because performance is simply too diverse and it's nonsensical to group them together, much like the concept of BRIC's, Brazil, Russia, India and China?
The biggest storm cloud for short term performance of the tech greats is valuation. Heady price-to-earnings ratios were questioned during the January correction and the FANGs may still carry too much hot air.
Marc Faber, editor and publisher of The Gloom, Boom and Doom Report is a notorious investing bear and is negative on the tech darlings.
"These are wonderful companies, for instance Amazon you need to give them credit as they upset the retail space globally but it is a question of valuation. The Facebooks of this world, Amazon and Google - these are highly priced companies," said Faber.
Others disagree and argue that on a longer term horizon valuations might even look well placed.
"These companies still have tremendous earnings power," said Jean Medecin, Member of Investment Committee, Carmignac.
"It's about Amazon versus Facebook, what kind of earnings growth can you deliver? The valuation remains right - today Facebook is generating around $17 billion of revenue. This is what Google used to generate in 2007 and today Google is making $60 billion of revenues. It's not the fact that they have grown so much they can't grow anymore, it's really whether they have a great market and great earnings power," he said.
Investors have lent towards FANG as the macro environment has become increasingly uncertain.
"In this kind or tape where the issues you have over the energy complex, foreign exchange wars and China, let's go for those who are very strong cash compounders that have high returns and strong outlook", says Neil Campling, Global TMT Analyst, Aviate Global.
But Campling has been warning about the idea of buying FANG and other high profile tech stocks since 2015 and is only willing to add Facebook because of the valuation gap with its peers.
Facebook traded at one of its lowest multiples on record before its earnings release last week