But not all that amazing when you remember that said tuning always happens in reaction to what is already happening. If money were free again today, it is much more likely that people would funnel it into backing products and services riding the inflationary wave, not go back to tech startups. That's explicitly why the central banks increased rates in the first place, after all – to slow down that behaviour. It is just one of an infinite number of variables, not some magical variable that stands alone. Tech's day in the sun was over either way. People were already moving on.