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The by now denuded engineering sector is about to be stripped of but a lot more corporations in the hottest shake-up of business definitions, pushing stock concentration to unparalleled highs.
Back again in 2018 erstwhile tech titans Fb (now Meta), Netflix, Twitter, Snap and Alphabet, the mother or father corporation of Google, had been reclassified as interaction solutions corporations under the extensively adopted Global Industry Classification Expectations (GICS) framework. With Amazon currently classed as a consumer discretionary company, this indicates only a person of the notorious five FAANGs — Apple — was in fact technically nevertheless a tech inventory.
Now Visa and Mastercard, two of the 5 major remaining technology firms, are about to be reclassified as financials, along with the likes of PayPal and Fiserv, when