The FAANG acronym is short for Facebook (now Meta Platforms), Apple, Amazon, Netflix, and Google -- a stand-in for its parent, Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL).

While there are certainly some other companies investors could include in there -- like Microsoft, Nvidia, or even Tesla  -- the abbreviation is generally intended to be a catchy tracker for the performance of America's largest technology companies. And so far, this cohort of tech juggernauts is driving the Nasdaq Composite Index to a record-setting start to the year.

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Source Fool.com