FAANG stocks got crushed last year as a combination of slowing growth and compressing valuations hit even the mightiest tech stocks like Amazon (NASDAQ: AMZN), Alphabet (NASDAQ: GOOGL) (NASDAQ: GOOG), and Apple (NASDAQ: AAPL). 2023 offers investors the chance at a new beginning, and stocks jumped out of the gate on data showing that inflation is cooling while the economy remains stable. The FX effect When big tech stocks reported third-quarter earnings nearly three months ago, a stronger dollar was a major headwind because all of these companies derive a significant percentage of their revenue from outside the U.S.