One of last year’s most profitable trades is breaking apart, thwarting expectations for global investors betting on a handful of U.S. and Chinese technology titans’ enduring dominance.
For much of the most recent leg of the bull market, investors searching for growth piled into shares of a group loosely known as “FAANG-BAT,” comprising U.S. tech giants Facebook Inc., Apple Inc., Amazon.com Inc., Netflix Inc. and Alphabet Inc., as well as Chinese firms Baidu Inc., Alibaba Group Holding Ltd. and Tencent Holdings Ltd.
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