One of the variables of a NPV calculation is the discount rate that corresponds to the risk profile of the investment being assessed. The lower bound on that discount is the treasury rate as that is what a USD investor deems "risk free". Therefore after a treasury rate hike, the discount rate for any given investment needs to be adjusted up and that lowers the NPV calculation result.

TL;DR the higher returns from US bonds make other investments comparably less attractive because you can get better yields from the USD bonds.