Evidence strongly supports Chamath’s prediction that, as interest rates rose from near‑zero starting in early 2022, high‑growth, no‑cash‑flow tech stocks suffered a major drawdown over the following 12–24 months.

• Rates did in fact rise sharply after his October 2021 comment. The Federal Reserve began hiking from 0–0.25% in March 2022 and raised the federal funds rate in rapid steps to 5.25–5.50% by July 2023, all within roughly 5–21 months after October 2021. (bankrate.com)
• Speculative / unprofitable tech cratered. AllianceBernstein notes that during the 2022 growth‑stock rout, the Goldman Sachs Non‑Profitable Technology Index—a basket of high‑growth, loss‑making tech names—"tumbled nearly 70% from its peak" by the end of August 2022, well within 12 months of his October 2021 prediction. (alliancebernstein.com)
• Constituent performance confirms valuations were “in the toilet.” A review of the 20 largest stocks in that Goldman index shows that in 2022, 19 of 20 had negative returns, and 14 of 20 lost more than 50% of their market value; even the one winner (Pinduoduo) still had a market cap 59% below its February 2021 peak. (investidorfrugal.com) This is exactly the kind of high‑growth, low/negative‑cash‑flow cohort he was referring to.
• Flagship high‑growth ETF example. ARK Innovation ETF (ARKK), heavily tilted toward unprofitable growth tech, suffered a maximum drawdown of about −81% from its February 12, 2021 high to December 28, 2022 and had not fully recovered by 2025, remaining roughly 49% below its peak—again, a collapse well within the 12–24 month window. (assetsanalyzer.com)
• Broader tech also had a severe bear market in that window. The Nasdaq Composite, dominated by growth tech, fell about 33% in 2022—its worst year since 2008—before rebounding in 2023, meaning that by late 2022/early 2023 tech valuations were dramatically below their late‑2021 highs. (en.wikipedia.org)

Because (1) interest rates did rise substantially, and (2) high‑growth, unprofitable tech stocks experienced 50–80%+ drawdowns and much lower valuations within roughly 12–24 months of October 2021, Chamath’s qualitative prediction that such tech stocks would be “in the toilet” as rates rose is right in both direction and magnitude.