Ominously, IM was finishing this piece on Friday the 13th. In truth, the market has felt like Friday the 13th for several months. This is especially true for the tech sector, where the Grim Reaper has been wielding his scythe without mercy.

We may as well start with the market darlings. So much for Faang, an acronym that used to stand for tech firms Facebook, Amazon, Apple, Netflix and Google. But not only does the acronym no longer work (the F and G have changed names), but the entire investment thesis appears to have fallen over...