Conversely, I think it should make sense that the growthiest of growth areas, tech, would see the biggest pullback once money starts costing money again.

A lot of loss-making / future growth speculative tech business models make a lot less sense when you can make about 5% risk free.

It doesn't get discussed much, but during the boomiest tech hiring days of COVID.. interest rates weren't just 0%.. they were, in real terms, negative.

Circa 2021 the treasury/risk free rate was about 1.5% while inflation ended the year at about 7%. So you were getting paid 5.5% to take risk. This incentives speculation as parking your money in a safe CD/bond/whatever loses real-money with time.

Now inflation & risk free rate are at about parity.