Because people are selling...To me it seems that the FAANG stocks weren't actually overpriced. Many of the other software companies seemed overpriced to me. But any strong sounding narrative as to why is going to be.. incomplete. Someone else will say inflation and interest rates. Someone else will say something else. All you know is people are selling.
It's pretty much across the board... Salesforce, Veeva, Datadog, Blend, New Relic, Okta, Zoom, ServiceNow, Twilio, Atlassian, Docusign and on and on and on. Most of them off 40% from the highs.