Over the past few years the ASX's technology stocks have outperformed the market considerably and there has been a lot of focus on the so-called WAAAX stocks (Afterpay, Altium, Appen, Wistech, Xero) as a leading indicator of Australia's tech sector. These five stocks alone have a combined market capitalisation of around $54 billion, which represents around 2.5% of the ASX's total market value. The WAAAX's are trading on FY21 EV / Revenue multiples of around 15.5x and only two of the five (Altium and Appen) have forward EV / EBITDA multiples of ~40x. This is a heavy contrast to the leading technology stocks in the US as represented by the FANGS (Facebook, Apple, Amazon Netflix and Google / Alphabet) which have forward EV / Revenue and EV / EBITDA of 5.6x and 21.5x respectively. This demonstrated the relative maturity and scale of the FAANGs versus the WAAAXs. It should also be noted that the combined market capitalisation of the FAANGS is around US$5,300 billion, which is around 3 times larger than the ASX's total market capitalisation of ~A$2,000 billion.