year Fed began tightening, compressing growth stock multiples
DOJ RULING
Landmark
search monopoly ruling weighing on Alphabet valuation
MARKET ANALYSIS
NASDAQ 100 INDEX LEVEL VS. FEDERAL FUNDS RATE — 2018–2026
NASDAQ 100
FED FUNDS RATE
Era bands show Fed monetary policy regimes. The tightening cycle that began in March 2022 drove the Nasdaq 100 from a peak near 16,300 to under 11,000 — a pattern now repeating as rates remain elevated.
QUESTIONS & ANALYSIS
Why Now, and What Comes Next?
PRIVATE MARKET AT CENTER
$18 trillion
SPACEX SECONDARY IMPLIED
RATE HIKE CYCLE STARTED
March 2022
KEY RISK
Post-IPO lockup expirations and AI-segment losses for newly public SpaceX may not survive rate normalization; broader private-market mark-ups face same pressure