Bond yields, in short. As noted in the 2021 Annual, interest rate risk is an issue this year. Rising interest rates damage many sectors of the stock market and Tech is one of those. The below chart of the relative value between inflation-protected bonds and the standard 10-year T Bill is used to monitor investor perception of inflation risk. You can see at the height of COVID last March, inflation wasn’t a concern. Since then, the US government has increased the supply of the USD at an alarming rate. One-quarter of all USD existing today didn’t exist a year ago.
More dollars chasing same quantity of goods= inflation. ECO 101.