FAANG stocks -- essentially the top five stocks of the tech sector -- as a group cooled off in 2021. Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) led the group of growth stocks with a 65% return for the year, followed by Apple's (NASDAQ: AAPL) near-34% return. The rest of the group -- Meta Platforms (NASDAQ: FB), Amazon (NASDAQ: AMZN), and Netflix (NASDAQ: NFLX) -- all underperformed the S&P 500 index, which returned nearly 27% for the year.
Tesla is one of dozens of hot stocks set to announce earnings results over the next few trading days.
Meta Platforms (NASDAQ: FB), the tech giant formerly known as Facebook, is often considered a top play on the growing metaverse, which could eventually blur the lines between our physical and digital worlds with virtual reality and augmented reality platforms. Meta enjoys a first-mover's advantage in this space through Oculus, the virtual reality company it acquired in 2014. Oculus' latest VR device, the Quest 2, reportedly topped ten million shipments last year to become the world's most popular stand-alone VR headset by a wide margin.