It is "the economy" insofar as it represents investor sentiment. Investor sentiment for the last 10 years was to fund losses in exchange for capturing market share. That sentiment is changing as investors seek to prioritize profitability and more sustainable growth trajectories. This is, generally, happening across the macro market. It's just that "tech companies" were most susceptible to the grow-at-all-costs mindset, so they're shedding the greatest weight now.

When that shift happens, if you're the company that continues the "old" (I.e. likely always unsustainable) way of operating, then you'll be left holding the bag.