Much has been written about how financial markets are increasingly becoming bifurcated into “haves and have-nots.”

One of the clearest representations of that phenomenon may be in the mega-cap technology stocks known as “FANMAG.”

The FANMAG acronym expands on the well-known “FANG” stocks that dominated much of the 2010s: Facebook Inc. FB, +0.86%, Amazon.com Inc. AMZN, -0.46%, Netflix Inc. NFLX, +0.60%, and Google GOOG, +0.61%. Later, Apple Inc. AAPL, -1.42% and then Microsoft Corp. MSFT, -0.23% were

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