We are less than a week from the beginning of 2018, and many indications for the stock market right now suggest we can expect more of the same. The FANG stocks Facebook Inc (FB); Amazon.com, Inc. (AMZN) Netflix, Inc. (NFLX); Alphabet Inc (GOOGL)figure prominently in many analysts’ list of 2018 tech stock themes. They could continue to ride high as they did for most of this year, or they could remain challenged as tax reform and growing issues within their respective segments remain overhangs.

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2018 tech stock themes to drive FANG stocks

Although every analyst’s list of 2018 tech stock themes is slightly different, they all share some things in common. In this multi-part series on 2018 tech stock themes, we’ll look at the major components most analysts are talking about right now, starting with the FANG stocks.

GBH Insights analyst Daniel Ives said in a recent note that he expects the FANG stocks to remain strong in 2018, driven by strength in several tech themes that have been growing stronger in recent years. Ongoing e-commerce growth, streaming and online content, online advertising, and the cloud shift among enterprises all bode well for the FANG stocks.

He notes that the regulatory environment, tax reform, and macro backdrop offer both opportunities and challenges for the FANG group, but like most analysts, he thinks the benefits outweigh the risks. Meanwhile, Evercore ISI analyst Anthony DiClemente said in his own note earlier this month that all four FANG names have built “meaningful barriers to entry” for competitors, but not everyone is bullish on the FANG stocks.

Is trouble in store for the FANG stocks in 2018?

The vast majority of the commentary around the FANG stocks focuses on the bullish aspect, but Investor’s Business Daily inserts the bearish case for the FANG stocks into the narrative of major 2018 tech stock themes. For example, regulators are starting to express concern that three of the four companies may be becoming too powerful.