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 Wednesday morning. Welcome to Tech Check. I'm Carl Kintania with Deerbosa and John Fort. Today, Big Tech takes a big hit. As you know, Microsoft, Alphabet, Spotify, Texan, all sharply lower after posting results. We're going to break down the quarters. Intel self-driving unit mobile I returns to public markets this morning.

Pricing above the range, well below the 50 billion valuation that Intel had been hoping for.

We'll bring you a live interview with the company CEO when the stock begins trading.

Dee, there's a lot to get to today.

There's a lot.

We're going to start though with the two bigies, Microsoft and Alphabet, both down pretty sharply this morning.

It was Alphabet's third straight EPS and revenue missed, something that it hasn't done since 2015.

EPS was 15% below expectations, and that was the biggest earnings miss in a decade.

Now, we've also been focusing on pace of hiring

across tech. The company is saying it will cut headcount growth by half in Q4. That still means

nearly 6,000 jobs potentially. As for Microsoft, EPS and Revenue B, but guidance weighing on the

stock there, which is down nearly 6 percent. Revenue and implied operating margin, both coming in soft.

Cio Satya Nadella saying cyclical trends are affecting Microsoft's consumer business.

Adding, quote, materially weaker PC demand from September will continue.

Growth also slowing for Azure.

Revenue grew 35% in the quarter compared with 40% growth in the previous quarters.

Guys, here's kind of my takeaway from this. You've got search advertising through Google,

cloud computing through Microsoft. These have been the relatively safe areas of tech this year,

less vulnerable to an economic slowdown. Last night, though, some cold water thrown on both

of those businesses. The market, though, taking it very much in stride. Last night, though, some cold water thrown on both of those businesses.

The market, though, taking it very much in stride. I mean, the NASDAQ is only down six

tenths of a percent. The cloudy TFCLOU is up three-tenths of a percent. It's not a disaster

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