Thoughts on EM tech and rising rate environments

Watching the latest inflation prints and the hawkish tilt from various central banks, I've been thinking a lot about the implications for emerging market tech, specifically. It seems like a higher-for-longer rate scenario in the US could put a real squeeze on growth-oriented sectors, and EM tech often falls into that bucket. Companies that rely on access to cheaper capital for expansion might find themselves in a tougher spot.

I'm looking at names like $VNM, which is down today to $17.16, off over 2%. It makes me wonder if this is just typical market noise or a signal of a broader re-evaluation of valuation multiples for these types of assets in an environment where the cost of capital is increasing. On the flip side, some EM economies are surprisingly resilient, and their domestic demand stories could offer some insulation. It's a tricky balance, and I'm keen to hear how others are thinking about positioning their EM tech exposure right now.