In terms of what? Money and power? Certainly not.

Engineering chops? Well-run organizations? Doing interesting and fun work? Absolutely. Probably even more so.

Market Cap

I keep hearing FAMGAN to describe these, Facebook Apple Microsoft Google Amazon Netflix.

I just go with FAGMAN, it rolls off the tongue nicely

It probably depends on the criteria. Is this the biggest West Coast relatively sexy tech employers or is it the large-ish companies with the highest average comp for a given level of software engineer? (I actually agree that, in general, Microsoft probably belongs on the list more than Netflix does.)

In France the acronym that stuck was GAFA, or GAFAM if you want to includes Microsoft. I always prefered GAFA / GAFAM to FAANG.

However GAFA probably sounds better to the ear when pronounced the French way than the English way. This may explains that.

Does Microsoft generally pay software engineers as much as Netflix though? My impression is no.

Also my impression. FAANG isn't necessarily about market cap, it's about the highest paying and sexiest jobs you can get for a large employer

The term FANG (and FAANG) was coined and popularized by stock market investors, not tech workers/job hunters. So it's about the highest growth large-cap tech stocks, not the absolute largest market caps or most well-paid/prestigious jobs.

It was coined in the Ballmer days, when MSFT's stock price had been stagnant for about a decade, so no surprise that it got left out. Things are different today though.

https://en.wikipedia.org/wiki/Big_Tech#FAANG

Thanks to cheems I now prefer the sound of FAAMG :) https://knowyourmeme.com/memes/cheems

GAFAM is the more sensible acronym.

which is why we ought to switch to the all-encompassing FAGMAN acronym

ive heard FANMAG mulitple times nowadays.

If you drop a few you can have MAGA - Microsoft Amazon Google Apple :-)

If you add a fictional one and switch out a social network you can cave MATH - Microsoft Amazon Twitter Hooli

I think that for it to make sense, Netflix needs to be removed just as much as Microsoft needs to be added.

I think you're underestimating the international potential of Netflix. The only place where they are facing any competition is the US.

Even there the content produced by their competitors is getting bought by Netflix later down the line for international distribution.

Hollywood is terrified of Netflix. It's much more exciting than Microsoft.