Airlines vs Silicon Valley are actually a good example of how the sort of business that is massively threatened by higher interest rates is often an actual real

Airlines vs Silicon Valley are actually a good example of how the sort of business that is massively threatened by higher interest rates is often an actual real business solving real people's problems that just happens to be capital intensive, low margin and fairly predictable, not the solution in terms of a problem where the return on investment is claims of high margins and pure optimism. High interest rates won't stop VCs looking for 20-40x returns under high uncertainty falling for a pitch about how everyone will use this dumb website in future, honest. (It might reduce the amount LPs put in and get out of VC as a sector, but there's no reason to believe this improves VCs' judgement) But high interest rates are a major problem for an airline that has a few billion dollars of aircraft to finance, and lots of passengers but at low single digit profit margins.