I'm Carl Kintanilla. You're listening to CNBC's Tech Check. Our show is live weekdays at 11 a.m. Eastern. Listen Check. I'm Carl Kintania with John Fort and Dear

Drabosa. Today, Tech's big tumble is a hawkish-fed, the biggest risk to your portfolio this year. Do

not miss a breakdown with Satori Funds Dan Niles.

Then Fintex fumble, why today's selloff might not be a bad thing when it comes to risk.

And finally, crypto crumbling as Bitcoin nears 40K. What's driving the action there?

If you ask some, nothing. We will discuss that.

First up, though, for today's feed. We'll start with the sell-off.

The NASDAQ is coming off the worst day since February after those hawkish notes from the Fed sent yields higher and growth names plunging.

Is more volatility ahead, as we said, here to discuss. Satori Funds, Dan Niles was with us.

Dan, we know you've been waiting for an environment like this. I imagine this is exactly what you had thought was coming.

And I'm going to guess that you think it's not done by any means.

Well, unless you think inflation is done, and unless you think the Fed is done,

it's hard to imagine that this is done.

Because you've had, you know, if you look at the dividends included,

the S&P's up 100% over three years. It's up 47% since the beginning of a global pandemic.

And so my belief is that's driven by, you know, five stimulus packages in the U.S. over

$5 trillion in that. And then you have the Fed expanding the balance

sheet. All that stuff's reversing this year with multiples at all-time record highs by several

different measures. So you have to believe multiples are going to compress unless you think inflation

is done and the Fed is done. Right. Where does that leave you, though, on names,

for example, in mega-cap tech that have pretty strong business models, lots of cash,

corporate capex boom, households with still some money to spend, although maybe draining from

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