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

Happy Wednesday. Welcome to Tech Check. I'm John Fort with Dea Jibosa. Actually with Dea Jibosa. She's live here at CNBC headquarters today and tomorrow. It's a comeback day. We're back together on set. Lots of colleagues

back in the office and a lot of

software stocks coming back in a significant way in the early trade. The NASDAQ outperforming again

ahead of this afternoon's key Fed decision, a breakdown of the volatility and why gross stocks

are popping. Then bulls in the China stocks. Shopping, beaten up tech names like Alibaba and J.D., which are surging this morning.

We will tell you why next. And finally, the marketplace market from DoorDash to Amazon.

A look at Y1 investors getting bullish amid rising rates, Steve.

We will kick off our feed today, though, with that huge bounce we are seeing in growth stocks.

And this morning's trade snowflake, that's up double digits as well, but still 50% off of its highs. It is a similar story across the pandemic, Darling. Zoom is up almost seven, but still 70% off its highs. Atlassian Datadog also surging, and they're helping to lead the NASDAQ higher. John, it's sort of this yo-yo. We're going back and forth. It's hard to know what's a dead gap bounce and what's not, but notable that this is Fed Day. A lot of these expectations are built in. But when you look on a one-week basis, even though you're seeing these huge numbers today, there's still a lot of red. Yeah, I mean, but this are dramatic, dramatic bounces. I don't remember when we've seen bounces like this, and I think it's got to make investors consider, you know, we get caught up in the positive headlines and like, oh, things can only go up, up, up from here, and then you get caught up in the negative headlines, oh, maybe everything was over about, where is the value really? How do you want to value these things?

Especially when you've got, we just mentioned Snowflake. We talked about MongoDB. Snowflake still got product revenue doubling year over year. Is it slowing? Okay, yeah, sure. But we heard from, was it Brad Gersner earlier, that he thinks it can triple in the next three years. Well, a day like this makes you think maybe he's right.

Again, we're going to talk Marketplace later this hour as well.

Some of those gig economy, shared economy, thinks it can triple in the next three years? Well, a day like this makes you think maybe he's right.

Again, we're going to talk Marketplace later this hour as well. Some of those gig economy, shared economy names, as we see Uber and Lyft, and now Dash, you know, helps subsidize some of their drivers with high gas prices. The question remains, John, that we ask pretty much every day now is where to valuation settle. I don't think that we are learning anything new

today. It's just perhaps some relief. Yeah, I think you're learning today that you can't follow

the crowd because all of a sudden the crowd's going in a different direction in this market.

You know, looking at some of the bigger cap names, you know, Apple is up 2% this morning. That's nothing to sort of just sniff at, but still

it's at around 2.5 trillion in valuation a little higher than that, well off of the 3 trillion

high that it fit several weeks ago. Yeah. And another group we're going to talk about now,

John, is those Chinese stocks. Wow. You don't see those numbers very often. They're absolutely surging. Internet names that we saw slammed earlier this week. They're getting a big boost this morning. Pinduodua, check out these shares. They're up more than 40% with Baba Baidu.jadu.com, all up over 20% each. Despite that pop, though, all of these stocks remain in the red this week with the K-Web,

still having lost more than a fifth of its value since the start of the year. These are really

whipsawed moves, John. And I don't know. I mean, you saw a few months ago, Charlie Munger say,

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