I'm Carl Kintanilla. You're listening to CNBC's Tech Check. Our show is live weekdays at 11 a.m. Eastern.

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Good Wednesday morning. Welcome to Tech Check. I'm Carl Cantanilla with the Deerbosa and John Ford. Today, investors search for some returns. Last year's biggest mega-cap winner delivers again. Alphabet surging after reporting Q4 on a plan 20-for-one split.

Meantime investors splitting up with PayPal,

shares on pace for the worst day in seven years. Very rough start to the market there for PayPal as they talk about the consumer, a tough year for FinTech as well. And then trusting the processing,

AMD's high performance chips drive growth, sales up 68 year on year D. Well Well Carl, we'll start with Alphabet surging today

and what is result signal for the rest of Big Tech, a big beat, a strong outlook, a stock split,

shares shooting higher more than 6.5%. It was up more than 10% at the open. So just this massive

revaluing of Alphabet. Putting this into context,

though, Big Tech mostly survived that selling that we have seen over the last few weeks.

The 50% drawdowns and software and recent IPOs, but Alphabet was still hit, of course. It was down

nearly 5% going into the print year to date. Now, a lot of focus has been on Alphabet's valuation

after today's move. It is up more than 50 percent over the last year, but revenue was up

more than 30 percent year over year. Free cash flow, still impressive, some $140 billion

on the cash in cash and cash and cash on hand. And if you look at its P-E ratio within tech, Alphabet and Meta are the

best deals in terms of value for the mega-caps. Netflix, Amazon trade at 45 and 80 times forward

PE. And we've heard this time and time again, guys, that this value is here. But Alphabet,

of course, also this growth play, because as I mentioned, with $140 billion

on its balance sheet, it can continue to collect on its core digital advertising, but it can also

continue to pour money into things like cloud and autonomous driving. John, I asked Ruth Pore at last

night, if there was any chance that there would be a dividend, she said, you know, our strategy

hasn't changed even in a rising inflationary environment, they still are going to invest back into their core.

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