Just a few months ago, dollar was the uncontested reserve currency, allowing the US financial institutions - including the Fed - to inject cash into the economy in whatever way including fractional reserve lending. Inflation just didn't go up. A lot of money to invest. Resulting in a bloated stock market with immense 'valuations' with little profit to show for the valuation.
Now the Ukraine war, sanctions, various countries moving to trade in their own currencies, and voila - all the dollars that were being used to trade before are unused and they are flowing back to the US, causing inflation.
The bloated stock economy is going down, and the companies that used to float on the bloated value of their capital are feeling the squeeze - Facebook, Twitter, Google...
This may result in an adjustment in the economy with normalized valuations, salaries, prices and monetary compensation in the long run. It feels like its just cutting the fluff out of the bloated economy that ran on inflated stock values. But in the end, the resulting environment should not be too different than the former one - just without the bloat.
How would this affect the investment in tech, is an open question though. It would probably end up like how it is in other regions of the world - still high, profitable and lucrative, however, less bloated. Like in Europe, China and anywhere else.