Betting Against Tech Is Finally a Winning Trade as Short Sellers Sit on $20 Billion Profit

Betting against tech has become a winning trade, with short sellers sitting on billions in paper profits as growth stocks slump.

A historic rout in the so-called FAANG cohort — Facebook owner Meta Platforms Inc., Apple Inc., Amazon.com Inc., Netflix Inc. and Google parent Alphabet Inc. — has delivered $19.8 billion in mark-to-market profits for investors speculating on declines as of June 30, according to data-analytics firm S3 Partners.