Buying the collection of high-growth US technology behemoths known as the Faangs has been a simple route to outsized investment returns in recent years. Facebook, Amazon, Apple, Netflix and Google's parent company, Alphabet - collectively known by the acronym Faangs - have shaken off occasional public relations problems and growth scares to hit record high after record high. But the latest round of earnings reports for the group has made this winning trade look more complex. "It is a wake-up call," said Ari Shrage, CEO of Aliya Capital, which advises funds on tech investments. "You cannot blindly buy these stocks." Contrasting fortunes in the second quarter have served as a reminder that, while often bunched together by investors, they operate different businesses. That raises questions whether their performance may diverge in the future. Certainly in the short term the shares can do wildly different things in response to individual pressures. Facebook lost more than $120-billion (a...

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