The big tech stocks are soaring because inflation is apparently no longer an issue, courtesy of a crackdown on commodity speculation and a slowing rate of credit expansion in China. While those indeed have economic consequences, they are not about inflation in the US.
Inflation in the US is the consequence of the ongoing debasement of the US dollar, as the Fed and the administration attempt to keep consumption going lest the masses turn on them. This is no different than the debasement of the denarius as the Roman Empire slid into turmoil and eventual collapse. Just faster.
Financial Reality 