Microsoft (NASDAQ: MSFT) June and July call option implied volatility is at 20; compared to its 52-week range of 12 to 34 as shares pull back as investor increase risk profile of FAAMG stocks. FANG has morphed into FAAMG which includes Facebook (NASDAQ: FB), Amazon.com (NASDAQ: AMZN), Apple (NASDAQ: AAPL). These are the names that have dominated the S&P and Nasdaq indices when it comes to outperformance.