Instead of thinking of FANG-like stocks as simply high-performance tech, I like to think of them as high-growth, high-retention stocks that psychologically become necessities to their users. Example, imagine going one day without using google. Imagine streaming content online without youtube or netflix. Imagine (if you're an iphone user) doing anything without your iphone. Imagine connecting with friends without facebook or instagram. To me FANG stocks are companies that deeply influence their user's daily routines (facebook, amazon, netflix, google, apple). So for that reason, I don't see MU, INTC, and NVDA as properly belonging on the list. They could be replaced by companies like SQ, SPOT (companies people depend on)