[mempko]

High interest rates benefit creditors and hurt debtors. These companies hold a lot of cash equivalent assets (think bonds, etc). Their balance sheets only grew. High interest rates haven't hurt these companies, but instead fattened them up. They are hoarding cash! Imagine earning high interest on that cash.

[cyanydeez]

My thesis is most of these companies grow by VC funding and leveraged buyout of smaller firms. This requires cheap debt servicing.