If we talk about tech stocks in general, a majority of their value is tied up in more distant cash flows / terminal value in a standard DCF analysis. So if interest rates go up, the more distant cash flows are impacted more due to the e^(-rt) discounting factor.
The reason tech stocks are seen as 'expensive' is because the P/E ratio for example is measured against next years earnings. WHen we measure it on projected earnings 4 or 5 years later, the P/E comes down to normal levels. this is one indication that tech stocks are valued for more distant earnings/cash flows, and also the reason for their higher interest rate sensitivity.
Lets say we start with 100 units of current earnings for 2 companies A and B.
Company A annual growth rate = 20% and Company B annual growth rate = 3%
For simplification purposes, let us consider the same discount rate for both companies of 5%.
Let us simply consider the next 2 years. Company A posts 120 and 144 units and company B posts 103 and 106.09 units of earnings for Year 1 and Year 2 respectively.
Let us consider 2 scenarios for both companies.
Scenario 1: Interest rates stay at current levels.
Company A's DCF equation (without terminal value) is 100 + 120/1.05 + 144/(1.05^2) = 344.898
Company B's DCF equation (without terminal value) is 100 + 103/1.05 + 106.09/(1.05^2) = 294.33
Scenario 2: Interest rates go up, and discount rate increases to 6%
Company A's DCF equation (without terminal value) is 100 + 120/1.06 + 144/(1.06^2) = 341.36
Company B's DCF equation (without terminal value) is 100 + 103/1.06 + 106.09/(1.06^2) = 291.58
If we see the % fall in discounted cash flows, company A has 1.02% drop while company B has a 0.93% drop in earnings. The difference just two years out may not seem much, but as you add more years, this difference increases.