Absolutely, and in practice it's not a well analyzed spreadsheet problem with a smooth transition. The change in interest rates moved necessary payoffs from the "later" bucket to the "soon" bucket.

A whole segment of product stories only worked when investors wanted to believe in them so that they could park their money there. With everything oversubscribed, products would get investment as long as success wasn't provably impossible - so CEOs and PMs optimized for inscrutability and constant pivots. More thoughts here:

https://coldwaters.substack.com/p/the-mystery-box-is-out-of-...