Can you elaborate? When I think of tech I think of venture funded (equity side), not debt funded.
The moment the economy tightens up, suddenly the venture funds have less money.
I'm not sure what's causal in it all, but from the outside it certainly looks like that's what happens.
It's not that they have less money, it's just that when 1yr treasuries are paying over 4%, the returns in risk-adjusted investments need to either return a lot more or die.
This is happening to me right now with my parents not being able to help as much with my kids' college tuition.