Since the news of Pfizer and BioNtech’s vaccine started doing the rounds, investors are eagerly eyeing the much awaited normalcy. However, this has taken a toll on the much loved FAANG stocks and Microsoft — the tech giants that skyrocketed during the lockdown months. Their recent underperformance makes one question — have these stocks run out of steam now? “It increasingly looks like growth has peaked, just like it increasingly looks like Big Tech’s share of the S&P500 market cap has peaked,” said Chris Wood, global head (equity strategy), Jefferies.