There’s never been any good reason not to include Microsoft except that for a long time it was considered old and stodgy.
Netflix doesn’t make sense in terms of market cap, and it also doesn’t make sense in 2021 when it’s more a media company than a technology company. Don’t get me wrong, they totally nailed it on a ton of tech fronts, and deserve their technical accolades…it just looks strange next to the others.
Oh, thinking about Netflix, I just figured it out. It’s about SWE salaries, and not really related to much else.
…although if that’s it, then Amazon doesn’t really deserve it’s spot any more than Microsoft.
Which isn't bad -- I assume Disney also has a number of highly-paid SWEs -- but for me the difference between FAAMG and Netflix is that (as far as I can tell) Netflix doesn't employee a giant pile of SWEs doing blue sky research / doomed projects only tangentially related to the core business.