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 Thursday morning. Welcome to Tech Check. I'm Carl Kintania with Dear Grubosa and John Ford.

Today, GDP and Tech, Qualcomm shares are falling despite a beat as guidance comes in below estimates.

Yet another CEO warning about the macro picture,

Cristiano Amman will join us in just a few moments. Plus another weaker number and that's meta.

As bad as feared, stocks down almost 8%. Best Buy, Comcast, service now, all turning sharply lower.

And confirming all that downbeat corporate guidance, GDP today comes in light. We'll get a first

read on Q2, down nine-tenths. That's two quarters in a row of slowing growth, although, John,

we should point out other companies raising their guidance. There's a bit of a mix today.

Yeah, more and more, I'm looking ahead to Q4, right? Because that's going to be so decisive and what directionally is really

happening here. The messages are so mixed. We see the consumer light that's reflected in

Qualcomm, lower end handsets, not as popular. The forecast on lower end coming in light,

though Qualcomm specializes in premium.

But you got signals like that and what we got from Walmart earlier this week.

I think it really depends to what extent the consumer shows up in Q4, to what degree there's inventory

overhang heading into next year, Julia.

And I'm sorry, Deirdre, Julia's not with us yet, but we'll be soon.

And what that means for revenues that are flowing through to customers and into the economy.

So we're still several months out.

Just like the definition of a recession, things are pretty confusing right now.

We talk about consumer demand.

And there's kind of opposing signals as well. There are pockets of strength in payments, as we've seen this week with FISA and Visa. There's also travel, which remains strong and autos. But to your point, John, Q4, that is the big question, or even just the whole second half of the year, let's put it. Can this be sustained, those pockets of demand? That's what everyone's trying to dig through right now to figure out in those guidance. What is it saying? And from some companies, we're getting more than others. I go back to Alphabet earlier this week. And sometimes the management there talks a little bit more about what they're seeing sort of in the current quarter they didn't do that this time so still a lot of questions out there is you know the

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