Just a few months ago, being a tech company meant something very specific and brought a certain cachet to most market watchers.

After riding the ebbs and flows of the Great Recession, weathering the pandemic and finding itself more popular than ever as bored users on lockdown binged its products, tech was riding high.

That was particularly true for the FAANG companies — Facebook (now Meta  (FB) – Get Meta Platforms Inc. Class A Report), Amazon  (AMZN) – Get Amazon.com, Inc. Report, Apple  (AAPL) – Get Apple Inc. Report, Netflix  (NFLX) – Get Netflix, Inc. Report and Google (now Alphabet  (GOOGL) – Get Alphabet Inc. Class A Report)  — which seemed at one point to be almost bullet-proof in a market whipsawed by volatility and subject to the whims of skittish investors and anxious institutional players.