Welcome to OK Computer. I am Dan Nathan. I am joined by CNBC's Tech Check host. That would be Dear Drubosa. You also know her as Debo. Debo, welcome back.

Hello, I missed you last week, so I'm glad to be back. Exactly. We covered a lot. We actually have a lot to cover today. We're going to be joined by Rick Heitzman at First Mark Capital. We're going to talk about some private market valuation moves. We're going to talk about a big deal in the public markets.

That would be the UFC and the WWE's merger. That would be instigated by Endeavor. We also have a

great conversation. I sat down with Kai C. He is the co-founder and managing partner of structural capital. We talk about

just the SVB collapse and what it means for the private debt market. So there's a lot to chew on there.

But let's you and I get into it a little bit. We're recording this on Tuesday afternoon.

The S&P closed up more than 7% in Q1 of this year. The NASDAQ

up about 16.5% or so. The NASDAQ 100, which we know 45% of that or so, is the top

six names closed up more than 20%. D. The rally in the markets got really narrow. There's a lot of stats out there, how the top 20 stocks

in the S&P 500 gained $2 trillion of market cap in the first quarter of this year, where the

bottom 480 gained, I think, about $200 billion or so. And you do that math and you say to yourself,

man, investors are just crowding

into the names that they know and love. Does that make you a bit nervous? I know you talk to a lot of

folks in the media. I know you talk a lot of operators at public and private companies, a lot of

VCs. Is this narrowing of the market performance? Is it something we should worry about? Especially

when I think a lot of us feel like we are not out of the market performance, is it something we should worry about, especially when I think

a lot of us feel like we are not out of the woods of whatever happened last year, despite the fact

that rates have come in, and we know that was one of the big impetus as the Fed switched gears to

battle inflation, why we sought the deflation in multiples. But come on, man, this seems a little dangerous

to me right here. Big tech's back, right, baby? This move has been concentrated in five names,

the mega caps that led the market up for the last decade. Yes, probably investors should be

nervous because more rides on them, but they're also higher because investors are nervous. It's this sort of cycle where you want the fortress balance sheets

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