You can see the price of a share (if the market is efficient) as the sum of the future discounted economic production. The issue here is the discount. When the

You can see the price of a share (if the market is efficient) as the sum of the future discounted economic production. The issue here is the discount. When the FED is changing the interest rates up, that means the discount rates of market players go down. A safer alternative investment has become available. So economic production in the further future is worth less today than it was last year. For which companies does that really matter? For companies where a large part of their value came from economic productivity that they were expected to have further in the future, and have relatively little of their value coming from present economic production. Tesla and Meta are two such companies, but it is a tendency in tech to believe companies will grow.