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Why Cloudflare Tanked by More Than 13% Today

Shares of Cloudflare (NYSE: NET) fell 13.2% on Thursday, dropping the edge computing company’s market cap to half of what it was at its all-time high in November. Cloudflare is, however, still up by 27% over the last 12 months. As for the tumble in recent months, Cloudflare is being beaten up along with other high-growth but richly valued stocks because the market is anticipating that interest rates will rise from their current rock-bottom levels this year.