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

Happy Thursday. Welcome to Tech Check. I'm John Fort with Dio Drabosa. Carl's got the day off.

Investors fed up with poor returns. Inflation runs hot. Why the new bond king, Jeffrey Gunlock, says the NASDAQ is not the place to be, at least not long term.

Plus, page of duty surging on results, having its best day in more than a year.

After some of its worst, the CEO joins us later this hour.

And then Netflix doing everyone a favor, helping you break things off with your ex for good. We will talk paying up for content from the Amazon MGM deal to Netflix password sharing. We're going to start with tech stocks and the impact of the Fed decision. It has been a mixed session. Stocks are about flat right now. But the larger story here, John, is that massive rally that we have seen over the last few days in tech, the NASDAQ, it closed up 4% yesterday. Growth did even better. Snowflake closed up 16%.

Bumble and Roku closed up 13% each. Ark's main fund was up 11. If you go back to December of 2018,

the last time that the Fed hiked rates, the NASDAQ recorded four straight down days after that,

shedding 9% in value. Not the story this time around, although

of course, John, we have seen a huge drawdown over the last few months. Investors are asking

today was at the bottom, especially in parts of the market that have been hit the hardest.

Unfortunately, though, we have seen the NASDAQ fall deeper into negative territory, underperforming

once again. And when we talk about, I know we're going to talk to Jen Tejah later of PagerDuty. That stock surging today, but you got to look at how much it's down from its peak, right? And so if this is the bottom, if we're going to see the bottom, the question is, where then devaluation settled? Do they ever reach those peaks that we saw in the pandemic? I mean, good morning for a Gentjahattas company. You know, it's back at the levels where it was a week and a half ago. But same thing goes for the NASDAQ in a way. It's like, yes, we talk about this big bounce, but we're still just below the levels where we started March, right about the levels where we were to end March a year ago. So, you know, is that really enough

to call a bottom here, or is it just a signal to the market that the go-go days of the buy-everything

are over, and now you've got to be selective? Though, I mean, you look at what we're seeing

in PagerD. You think about what we saw from MongoDB. We're talking to David Igeria just a few days ago. There is a sense that there is some fundamental value in these gross stocks. We were hearing from some hedge fund managers months ago, oh, don't buy anything, right? That's not growing profits right now. Don't buy any gross stocks. I don't know that you can do that in this market, but you certainly can be selective. Yeah, I also think about it. I bring them up often as Twilio and Daddodog, another company like PagerDuty with fantastic set of results, still down over the last month or so. Some are just down worse than others. And so there's this whole valuation, re-rating that's happening right now.

And we asked this yesterday, John, which is an Amazon, which is a Cisco, sure, you're going to

have some companies surpass the levels that we saw in the pandemic. But there may be a lot of them

that don't, they still exist here. So now, they're so very important good companies, but may

never reach those levels. Right. If you were buying Cisco at those crazy levels in 2000, what should you expect exactly?

You're still down.

Yeah.

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