I'm John Fort. You're listening to CNBC's TechChack. Our show is live weekdays at 11 a.m. Eastern. Listen in.

Good Friday morning. Welcome to Tech Check. I'm Carl Kintanilla with Deer Gervosa and John Fort.

Today, the NASDAQ tries to rally on this final trading day of the quarter, but Apple is not participating despite the move higher.

Nasdaq's now back to levels we saw in June. The belt tightening for

big tech, meta freezing hiring, Zuckerberg telling employees at this all-hands meeting that the

company's cutting budgets across most teams, which will lead to layoffs. And Google, planning

to shut down gaming service stadia. That's part of CEO Sundar Peachtey's goal to make the company

20% more efficient.

And Micron, of course, planning to cut investments by 30%.

Here's Marotra earlier this morning on Squawk on the Street.

We are taking actions, too, that are very rapid in terms of cutting our CAPEX,

cutting our supply growth for the year.

John, we talked about this yesterday.

I'm not sure we expected the commentary to be so negative across all of their end markets.

Yeah, I'm not entirely surprised.

And, you know, I said yesterday that i was actually going to be paying close attention to

nike and while their numbers for the quarter weren't bad the inventories were bad right and

this is the scenario that we've been talking about for weeks here where it started with target

and walmart right you had inventories uhories of consumer goods sort of at the low end

that were sitting there, that were being inflation impact. And the question was, would this go

through to the middle class consumer, even to the enterprise? And actually, we're starting to see

exactly that. What Nike tells us, what CarMax told us this week.

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