I'm John Ford. You're listening to CNBC's Tech Check. Our show is live weekdays at 11 a.m. Eastern. Listen in.

Good Thursday morning. Welcome to Tech Check. I'm Carl Kintenea with John Ford and Dear Dobosa.

Today, the Fed raising rates for a sixth time and no signs they're stopping anytime soon.

What that means for the mega caps later on this hour. Plus, more on the consumer as names from Qualcomm to Peloton slump on disappearing demand. And a look at the key tech names poised to benefit or take a hit as rates go higher, along with some of today's big movers, and there are plenty of them, D. Plenty of them. We're going to kick it off, though, with a look at big tech. The Fang Plus index losing all of its gains since July on the heels of the Fed's fourth 75 basis point rate hike in a row. Names like Amazon down 11% just this week, as we've talked about losing that $1 trillion status. Apple, Microsoft, also down big this week. While many expect more big rate h rates to come, tech names, they're already

taking the hits. They're already tightening their belts.

There's been almost 10,000 job cuts in the sector

for October alone and a slew of names continuing to

cut guidance as they report. Qualcomm, Rokum,

Fortinette, Corvo, just to name a few.

Guys, only in the last 24 hours. Speaking of layoffs, it was

striped this morning, still private company, really known as a darling here in Silicon Valley.

And a note to staff, the CEO, Patrick Collison, pointed to big tech earnings last week as evidence

of all these macro factors that they're feeling in the private markets, that their public

counterparts are feeling. And guys, sectors that we thought feeling in the private markets, that their public counterparts are

feeling. And guys, sectors that we thought were safe, like cloud, cybersecurity, how resilient are

they really? The CIBR ETF, that's a cybersecurity ETF. It's down nearly 8% this week. And I can't

stop thinking about this idea, John, that Kramer brought up a few days ago that we may no longer be in the early

innings of cloud. I think we're still in the early innings of the digital transformation

that's affecting enterprise software. I've been saying for a while that cloud is a useless term

at this point. You know, is it platform as a service?

Is it, you know, software as a service?

Is it infrastructure as a service?

...