I'm Deerreboza, and you're listening to CNBC's Tech Check.

Our show is live weekdays at 11 a.m. Welcome to Tech Check. I'm Carl Kintanio with John Fort and Dear Drubosa.

Today, a mixed picture for growth stocks. Mega caps are definitely holding up the market as the NASDAQ gets a new record high.

Are we seeing a valuation reset

in tech? We're going to dive into the chip sector, gotten exclusive with Intel's Pat Gelsinger

on his ambitious turnaround plan, and global foundries making its much anticipated public debut.

CEO is going to join us in just a few minutes, Dee. And as you just said, Carl, we are going to start with those

mega caps holding up the rest of tech. Mike Santoli has a look at that rally. Mike, what are you saying

today? Yeah, Dee, actually today a little more inclusive than it has been, but the average stock

has a lot of catch-up to do to the very largest ones. Even today, Apple, Amazon, Nvidia, Tesla are responsible for a vast majority of the gains in the NASDAQ 100.

This shows you the NDX.

That is, of course, very concentrated in those top five gains.

About 40% of the market weight is in five stocks.

You have the equal-weighted version of that same 100 stock index that has lagged pretty badly, as you can see here, kind of rolled twice in the last couple of months.

Catching up a little bit today. This is the equal weighted S&P technology sector, also underperforming a bit.

Just only recently, though. And here we have the small cap information technology sector, a subset of the S&P 600 small caps.

So what you see here basically is the mega caps kind of taking more than their share.

You can read this two ways, one of which is it's a very narrow market, very concentrated bets.

The big winners keep on winning.

The other way is we've actually had a little bit of a consolidation to shakeout in the average stock. Most stocks have gone sideways. Maybe you can get some catch-up into year-end, which would maybe broaden things out a little bit. That's what we're watching today, guys. Mike, there's a ton of stuff to talk with you about, but we'll get back to in a little bit. Our Mike Santoli, continuing the theme. It is a tough morning for some tech stocks that are not Fang-related.

Twilio is getting crushed. It was a mixed quarter. They guide above the range,

but the real story is the slowdown in organic growth, down double digits.

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