Banks like JPMorgan Chase and Co. (NYSE: JPM) or utility providers like Duke Energy Co. (NYSE: DUK) usually don't suffer as much when rates are rising since they don't need capital infusions the way tech stocks do. In response, the Federal Reserve began raising rates in a hurry to cool demand and bring inflation back to a moderate level. Tech stocks focus heavily on research and development, so they often reinvest excess profits back into the firm and don't keep a lot of cash on hand (well, except Apple).