Yes but we live in a society.

The stock market determines what everyone's stock is worth. Other than that: irrelevant.

You think people in tech don't invest in the stock market? The knowledge is priced in to some degree

Probably not active investors

There are very large funds that focus on tech. And since tech has gotten so big relative to the market, even if a fund doesn't specialize in it, they still have to understand it.

Since they have so much money at stake, they have an interest in understanding it. Not doing so will cost them their jobs.

"Understanding" is "in the financial sense" of course. They mostly care about the volumes of money going in and out, and expectations for that.

Yeah but as individuals, you don't not buy a etf (generally) b/c you don't like a single company. If you think tech or growth will do well you'll buy a tech etf...

You said "active investors" -- do ETF managers, hedge funds, and other large institutions not count?

Maybe you mean "individual investors." Institutions account for the majority of trade volume, and have for a long time.

They count, but I fail to understand your point. https://www.investopedia.com/news/active-vs-passive-investin...