Here's what would happen to FANG stocks if regulators break them up, according to Bank of America

Google CEO Sundar Pichai testifies before the U.S. House of Representatives Judiciary Committee.
Liu Jie | Xinhua News Agency | Getty Images

Breaking up major tech firms could create winners and losers for investors in the popular stocks, according to Bank of America.

The bank's new client note from analyst Justin Post comes after the Federal Trade Commission said on Tuesday that it will review acquisitions made by major tech companies over the past decade. Alphabet, Facebook, Amazon, Apple and Microsoft were all named in the press release.

The odds of regulators forcing break-ups are low, Post said, but some of the stocks could see a rise in overall value if it happens.