Alphabet (NASDAQ: GOOG) June call option implied volatility is at 21, July is at 19; compared to its 52-week range of 11 to 30 as shares sell off 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).