The NYSE Fang+ has now lost 20% since the beginning of April

At the peak of the pandemic surge the FANGs traded at almost double the multiple of the S&P. 

That gap is now as narrow as it has been since the FANGs have been a thing. 

That in turn implies that assumptions they can keep minting money in perpetuity are at last coming into question

John Authers Bloomberg 27 april 2022

https://www.bloomberg.com/opinion/articles/2022-04-27/fang-stocks-and-the-euro-crash-into-crises-of-investor-expectations 

Roughly four in every 10 companies on Nasdaq market values cut in half from their 52-week high

Bloomberg 2022-01-07

https://englundmacro.blogspot.com/2022/01/roughly-four-in-every-10-companies-on.html