While high, nearly an order of magnitude lower than all the others in FAANG. Microsoft is a 1.5T+ company yet remains excluded. Imo, FAANG means 'sexy millenial tech company with a gigantic retail investment interest' moreso than anything about the size and significance of the actual companies.
Nowadays, FAANG includes Microsoft, it's just the M doesn't fit into the acronym as nicely. As far as I understand, it's a high profit margin, high paying, high growth business with the ability to scale at extremely low marginal costs and collect lots of rent, hence lots of upside.