The tech bubble is starting to show signs of bursting. SVB alongside other large investent firms going down has shown companies that just being on the internet is not a sign of making money. Essentially the internet bubble is popping...again, as interest rates skyrocket and realized gains become smaller, internet-based companies seem to be scrambling to outpace the likes of Machine Learning and the new technological curve coming. Reddit going IPO, the Twitter shenanigans, etc.... Essentially they've all realized that their sites and business models are being made obsolete by the "new wave" of businesses/startups relying on newer technologies and novel revenue models.

Tldr; this is the cycle, new tech comes out, old tech dies. It happens all the time, just that this time it's not happening in our physical world but rather the virtual.