The tech industry was seeing high debt and high valuations. With near-zero interest rates, this is fine for a while: it lets companies gain market share (at le

The tech industry was seeing high debt and high valuations. With near-zero interest rates, this is fine for a while: it lets companies gain market share (at least until saturation). But once interest rates go up, investors start expecting higher returns on their capital, so they divest from high P/E growth opportunities towards more cash flow (like government bonds or companies already grown and now exploiting their position). And with less capital you have less of a budget to keep people on payroll.