Fall Internship

Reached out to an member of the firm, just looking to gain insight on the firm and looking for some advice. Wound up that they were looking to take on interns for the fall, so he asked me for my resume and said he would pass it along to the individuals in charge of the hiring. About a week later, I got an email asking to set up a phone interview with 2 of the analysts. They called and told me about the themselves, the firm, etc. Got into asking me about my resume, my current position, what I was looking for, along with a bunch of technicals, etc. Lasted about 30 minutes and they said that they would be in touch. Got an email 1 week later saying that I was not selected. I did not think they had that many applicants, but apparently they did.