I'm Carl Kintanilla. You're listening to CNBC's Tech Check. Our show is live weekdays at 11 a.m. Eastern. Listen in. Good Friday morning. Welcome to Tech Check. I'm Deerdebus in San Francisco, along with Julia Borsten in L.A. And again, we've got editor-in-chief at the verge, Milay Patel, here is guest host from the New York Stock Exchange all hour. We are closing out the week with a look at the tech rally. His names like Amazon, search 40% off their lows and Apple comes back within inches of its all-time high. Plus, we've got more on the rest of this morning's big movers. Poshmark, those shares are plunging. Toast is surging. Don't miss Toast CEO, Chris Comparato later this hour. And we're going to look at China Tech as well, the whole space seeing pressure this morning. Let's kick off today's feed, though, with the market tech running with the Bulls this week in the past few weeks. The NASDAQ, though, this week is on pace for its fourth weekly gain in a row since November. And some huge moves higher for mega- cap names like Apple, Amazon, and Microsoft.

Let's bring in Bessemer Venture Partners, Elliot Robinson.

Elliot, happy Friday. Good morning to you. Where are we right now? There is a big debate.

Is this another bear market rally? That is becoming less loud over the last few, especially a week

like this.

Well, look, let's talk cloud a little bit.

Despite a lot of uncertainty in the news, whether it's GDP growth, ongoing geopolitical

conflict or inflationary spikes, the cloud economy is showing a ton of resilience as customers

continue to leverage software and every CEO is directing their teams to do more with less.

You know, this impact are things that we're seeing in these Q2 earnings reports thus far,

which is fueling some of the recovery that you guys open the show with.

So the emerging cloud index with Bessemer, roughly 28% up in the last two months alone.

And at the same time, the average valuation multiple

for in-cloud companies is at 9.3x today, which is up from its June low of 6x. With that said,

there's three key pillars I'm tracking in order to assess the current state of the cloud recovery.

First, the hyperscalers. You mentioned some of them to open the show. Amazon AWS,

$79 billion run rate growing 33%.

Microsoft Azure, $55 billion run rate growing 46% and Google GCP clocked in at $25 billion run rate.

This order growing 36% near-year-over-year.

So the strong performance of the cloud hyperscalers, it really does serve as a leading indicator

when it comes to the underpinnings of the cloud ecosystem and future slash performance.

Now on to some subsectors, data dog in the infrastructure space.

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