> There's no analogue to that highly leveraged dependence on rate-sensitive assets among the FAANG tech giants today. The open question is how much VC spending

> There's no analogue to that highly leveraged dependence on rate-sensitive assets among the FAANG tech giants today. The open question is how much VC spending (this was how easy money flooded into tech) poured into compute and ad spending, how much will it pull back, and what share of FAANG's revenue was it.