This isn't how investing in an established company like Google today works (where most people invest most of their money). When you buy Google stock, it almost never affects their R&D budget.
You could argue that startups wouldn't be able to raise as much money, sure. And they DEFINITELY wouldn't be able to if interest rates were higher.
But the America of today (>95% of corporate profits) came from companies that weren't able to raise ridiculous amounts of money because of low interest rates from the last decade.
Startups from the last 10 years might have a lot of market cap - but their profits are very, very small compared to just FAANG+M - let alone the rest of the S&P 500.
You could argue that startups wouldn't be able to raise as much money, sure. And they DEFINITELY wouldn't be able to if interest rates were higher.
But the America of today (>95% of corporate profits) came from companies that weren't able to raise ridiculous amounts of money because of low interest rates from the last decade.
Startups from the last 10 years might have a lot of market cap - but their profits are very, very small compared to just FAANG+M - let alone the rest of the S&P 500.