The acronym FAANG was made up/popularized by Jim Cramer, a TV finance guy, intended to be "these companies are going to DOMINATE tech with the BIGGEST MARKET CAPS". Today the market caps are (in billions) 479 (Meta), 2719 (Apple), 1450 (Amazon), 300 (Netflix), 1566 (Alphabet) + 2166 (MSFT). Cramer tried to make an updated version happen in 2021: (Meta, Apple, Microsoft, Amazon, Alphabet) because Netflix did not explode and Microsoft did not disappear in the way he had predicted.

So yes, IMO Microsoft sits pretty in the no-longer-accurate acronym FAANG.