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I fully agree.

Low interest rates mean companies/capital-providers look to speculative places (like new software products) to hit their growth numbers.

Higher interest rates mean companies/capital-providers return to known/well-understood places to hit their growth numbers.

I interpret the reasons in the article as well downstream from these kinds of investment decisions.

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Have a slightly different view. In times of high interest rates, you are rewarded for profitability, not for growth. When interest rates are low, your company needs to grow or it will be outgrown by its competitors and becomes a takeover target. With high interest rates unprofitable companies (which is a side effect of a growth strategy) slowly bleed to death and become takeover targets by themselves.

Yes, thank you for distinguishing between profitability and growth.

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