CNBC’s Jim Cramer has a new acronym to replace FAANG after Facebook changed its name to Meta.
“Bye Fang, hello MAMAA,” the “Mad Money” presenter said on Thursday’s show. “What really matters here, as I always say about MAMAA, is that the secret to evaluating them is that they are all used to renovating. That’s why I love them so much.”
The five companies that make up MAMAA are: Meta (formerly Facebook), Alphabet, Microsoft, Amazon and Apple.
Microsoft — which overtook Apple on Friday to become the world’s most traded company by value — was not officially part of the old acronym FAANG, although many on Wall Street were mentioning it at the same time as its fellow tech giants.
FAANG represented Google’s subsidiary Facebook, Amazon, Apple, Netflix and Alphabet. Cramer first coined this acronym nearly a decade ago, first as FANG before adding Apple in 2017.
It has become a widely used way of referring to a group.
Netflix is not included in the new shortcut.
Facebook on Thursday announced its new name, Meta, which the company says best embodies its ambitions outside of social media. The company, which includes the Facebook, Instagram and WhatsApp platforms, is investing heavily in what’s known as the metaverse, a digital world in which people use different devices to interact with each other in a 3D environment. Meta also owns virtual reality headset maker Oculus.
The Meta Stock Index will change from FB to MVRS on December 1st.