FAANG exists because they have rock solid products with built in users. Their new business initiatives and decisions are woefully lacking. The new ideas aren’t bubbling up. Nvidia is the only one that isn’t staring into the abyss but their only products are iterative and once something revolutionary comes along they are sunk, like AMD v Intel these last 5 years.

Don’t think FAANG is a leader of anything except valuation. They are hopeless business leaders.