Discounted future cash flow worked in tech's favour, as giant future money was more appealing than modest current money. And now with interest rates high, that

Discounted future cash flow worked in tech's favour, as giant future money was more appealing than modest current money. And now with interest rates high, that effect has reversed, and modest current money is worth more than distant future fortunes. Tech is particularly well suited to generating the latter. Would also say that "tech" and actual technology have diverged. "Tech" has become more of a narrative about applying technologies. Technology is progressing, OpenAI is raising on $29B, biotech companies like Moderna are still trading at a premium.