Facebook isn't a tech stock any more. Neither is Google or Netflix.

At least that's the view of S&P Dow Jones, the group that classifies stocks into various sector groups that investors around the world track and monitor in their private and public portfolios. S&P Dow Jones is overhauling its Global Industry Classification Standard, with the changes taking effect Monday, and more than a few big name stocks are set to move from their original labeling in the biggest shake-up since the dot-com bubble.

Facebook Inc. (FB - Get Report) is set to move from the S&P's "Information Technology" sector to a newly-revamped "Communications Services" sector index, a decision that reflect's the social media company's reliance on advertising revenues over technological advancements.

"The last several years have seen an evolution in the way we communicate and access entertainment content and other information," S&P Dow Jones said when it first flagged the changes last year. "This evolution is a result of integration between telecommunications, media, and internet companies."

"(Reclassification) is a step towards acknowledging the convergence of telecommunications, media, and select internet companies and the overlapping services rendered by these companies, within the GICS Structure," the group added.

Quadruple witching today in addition to largest revision to Global Industry Classification Standard since 1999. S&P Global will merge some internet/media stocks with phone companies to form new group called communication services after the close pic.twitter.com/GDg9sj8vTp

— Anthony Cheung (@AWMCheung) September 21, 2018

Google parent Alphabet Inc. (GOOGL - Get Report) , is also set to shift out of the tech basket into the Communications Services index. along with micro-blogging website Twitter Inc. (TWTR - Get Report)  , payments system pioneer PayPay Holdings (PYPL - Get Report) and instant messaging app Snap Inc. (SNAP - Get Report)

Some big consumer discretionary names are also on the move, S&P Dow Jones has said, with online streaming service Netflix (NFLX - Get Report) moving from the Consumer Discretionary basket to Communications Services, along with Walt Disney Co. (DIS - Get Report) , Viacom Inc. (VIAB - Get Report) and 21st Century Fox (FOXA) . Amazon Inc. (AMZN - Get Report) , will remain in the Consumer Discretionary group.

Collectively, the sector overhaul is likely to reduce the weighting of tech stocks in the S&P 500 from its current level of 20% to around 15%.

Apple Inc. (AAPL - Get Report) , the worlds biggest company, will remain in the S&P Information Technology index and will comprise around a fifth of the new benchmark's weight as of Monday, rising from its current 16% weighting.  

The changes will also ripple through the $4.4 trillion global exchange tradeed funds market as asset managers move billions in stocks to reflect the newly-classified S&P Dow Jones classifications.

(Editor's Pick. Originally published Sept. 21.)