TBH, people still say "FAANG", and it still works. Many acronyms stop being literal acronyms after a while, and start being just a word. Although probably more people use "Big Tech" than "FAANG".
What's another example of an acronym that has stopped being literal? Some acronyms become words but I can't think of any whose letters are no longer accurate.
> In August 2023, at the 15th BRICS Summit, South African President Cyril Ramaphosa announced that Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates had been invited to join the bloc. Full membership will take effect on 1 January 2024.