It's interest rates. They're coming back to something more ordinary now. Keep in mind most investors are agents. They want to be able to tell their customers "

It's interest rates. They're coming back to something more ordinary now. Keep in mind most investors are agents. They want to be able to tell their customers "look you're paying for a service I'm providing you". When rates are zero, customers are gonna think "hmm that Bob guy is giving me nothing, plus I'm paying him". So what does Bob do? Take some risk. A tiny amount of risk is actually enough that the customer is not net paying Bob, because fees aren't that high in relation to market moves. What does Bob do? Sticks his investors' money in stuff that has a good story: growth stocks. All the Bobs do this, and TSLA and META go up. Now the story behind such firms is often the same under the hood: they're making some revenues now, but next year it will be more and the year after it will be a lot more, and maybe profits will rocket and it will be great if you got in early. Which is fine when interest rates are zero, you're basically just backing a maybe-success that others are also backing. Those companies are often also earning money from other growth firms, so it feeds itself. But when rates go to say 5%? Then in 5 years time, you could have just sat on your butt, not cared at all about what some CEO is writing on Twitter, and just collect a compounded dozens of percent. And it starts to bother you that the story could unwind the other way: those firms will lose money because their customers are in the same game, and the Bob guy certainly does not want to lose money, so he's going to be wise and sells a bit.