Nasdaq is recession proof?

$ProShares UltraPro Short QQQ ETF (SQQQ.US)$ Inflation and rate hikes by another 75 bps will have no impact on tech business profit and cost? Is there over reaction on recession fear? People can still hope for higher wages and the launch of new iPhone 14 will still be selling like hot cakes? Even when Tesla increase the selling price, there will still be a long waiting list ? This seems to be what Nasdaq is telling us after the CPI announcement of 9.1%.