Tech stocks are long duration assets (e.g.they have high interest rate sensitivity (if investment one pays me $10 a year for the next 20 years versus investment two which pays me $200 in year 20, in a 0% interest world they’re worth the same, in a 5% discount rate world, option one is dramatically more attractive and the NPV change in investment two, is far more severe than in investment one))

This is part of why valuations in tech land have been cut so much. If you are the management of a public company, and you are trying to increase your stock price, the answer is to make the your cash flow profile look more like option 1 vs option 2 above. One (perhaps shortsighted) way of doing that is to cut cost via layoffs…