I'm Dear Joe Boza and 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 John Ford and Dear Dobosa. Today, big tech CEOs go to Washington as the White House attempts to get some

firm commitments on cybersecurity from the private sector. Then an earnings exclusive with Intuit, the CEO of the $150 billion FinTech player is going to join us next. And 15,000 reasons to buy tech or sell it. The NASDAQ continues its record climb. Got an all-time high on the S&P today as well. And that's where we'll begin with Mike Santoli, who is taking a look at

valuations this morning, Mike. Yeah, Carl, you know, it's a little bit of a break from that pure

either-or market we were in for so long, where it was either the big growth stocks or the

cyclicals working. It seems as if the NASDAQ's able to hold its own. As a matter of fact, if

you look at the NASDAQ 100 versus the Dow Jones Industrial Average over the last year,

obviously neck and neck, different phases of out and underperformance.

But this is actually dated to September 2nd of last year, which was that huge relative peak in the NASDAQ.

Remember last summer at this time?

It was a massive meltup in the Fang type stocks, almost to the exclusion of everything else.

They represented 25% of the S&P 500.

Since then, they've worked off the relative excesses while still actually staying in this uptrend,

even, by the way, with Amazon doing absolutely nothing over this period.

So it has been a relatively well-balanced market up until now. Take a look to

what's happened to valuations of the NASDAQ 100, which is the majority of the market

cap and the earnings power of the overall NASDAQ. It's trended lower. So obviously, this is

coming from a very elevated level, 32 times earnings. There's about a 20-year high in forward PE back then, but it has been compressed down to 27-28-ish,

still a premium to the S&P 500, but one of about 25 to 30 percent versus the S&P,

as opposed to back then when it was more like 1.4 times the S&P's multiple.

So it seems like we've had some moderation, even without having too much in the way of outright losses, guys.

Mike, we're going to talk meme stocks and crypto in a moment, but two parts of the market that aren't really rebounding.

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