Ask HN: Why is the market favouring companies with FCF?

Every company in tech is getting hammered in the stock market. I keep hearing that companies with high free cash flow are being favoured and the market is punishing companies that are poorly optimised for FCF.

Why has this sudden shift happened? Hasn’t it been obvious that interest rates will rise eventually?

Looking for some insight and plausible explanations. Predicting and understanding market behaviour can be like reading tea leaves but I still think there’s some value/signal in discussions.