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From what I understand, and I may be wrong, but there are a few factors - I think 2 of the biggest are:
(1) when looking at discounted future cash flows, higher rates means your DCFs will be less, so the current valuation on stocks (and this hits tech companies moreso) is lower when rates move up.
(2) higher yields makes bonds more attractive and stocks less attractive because if yields start going up then fixed income ROI is going to be a better deal than riskier stocks. Especially if the ROI on bonds beats the dividend yield on the index funds.
Rising Star
It's mostly number 1 above.
The growth stocks are valued on multiple of future revenue; that multiple is shrinking as the discount rate increases in accordance with risk free treasury yield rising
Pro
https://www.investopedia.com/terms/e/equityriskpremium.asp
Increase in risk free return (i.e. treasury bonds) = increase in required risk premium (i.e. stocks have to perform better)