You can't exactly use tech stocks as a measure of investment as stock market performance is a measurement of trading and not tech investment. The major markets

You can't exactly use tech stocks as a measure of investment as stock market performance is a measurement of trading and not tech investment. The major markets (NASDAQ, SP500, DJIA) are all manipulated/exploited by people who control the majority of the shares/price and are largely disconnected from actual company performance. Hence the "overvalued" tag that is often thrown around. Stock value does boost a company's market cap which does increase their credit limit allowing them to borrow more money to do bigger things though, which is important. But if they don't deliver and can't increase their value based on performance, it's just a ponzi scheme with regard to stock price. Having said that, the Fed does also boost or squelch the ability of banks to lend to companies/their ability to increase performance not backed by actual profits and expenses (P/E). If you're an investor you look at P/E and the value of products. If you are a trader you look at stock price/performance almost exclusively. Traders trade both directions at all times (hedging long positions). Investors only play long positions. VCs seek to empower companies with potential.