of these tech companies have experienced wonderful sales growth, but if we look at the teslas, the invidiasions relative to revenues have basically tripled over the last several years, so much of the meteoric rise hasn't just been driven from revenue growth, it's been from valuation expansion. the problem for these tech stocks is that the move to zero long-term rates and multiple expansion is in the rear vision mirror, and meanwhile, the broader economy's still unwell, and it's going to make it hard for these companies to sustain their relatively superior revenue growth as we go forward. they're also larger companies, so i worry that the great deceleration may be upon us soon just as the multiples are peeking. and if -- peaking. and if we look at the growth index relative to the russell 1000 value index, it's broken through it 1999 peak. it's hard not to feel that a hazard light's not flashing in the background here. >> i'm just wondering, how much inflation, how soon will we see it, and i why isn't the bond market flashing warning signs about inflation right now? >> it's a great question,

september has been a brutal month for some of the year's biggest momentum plays the chipmakers invidia and apple quietly on pace for its worst month in two years tesla worst week since march and nikola is down 80% and 50% this month alone. is this all nikola's fault >> it's not all nikola's fault i think it's the posterchild but, look, they have certainly things specific to them that are leading to the selloff in nikola shares but in terms of momentum, i think you can attribute this to all the things we heard mike talk about several times over the last couple months it was wound so high it was due for a pull back and that's what we're seeing here. >> michael, elaborate on that, if you would which is the tail and which is the dog, so to speak >> all the superlatives that we were throughing out there are going in reverse i'm not saying it has to be an opposite and negative reaction we probably have longer to go. but this is also the way markets go and a high-momentum move. think about it, the first group to sell when stocks break a little bit lower after a high-momentum move are the ones

the party. i don't know what to say i would not sell that stock. that would be ridiculous i do like invidiadon't forget brr aroadcomm and that's the lightning round. >> announcer: the lightning round is sponsored by t.d. ameritrade you run it by an expert, you talk about the risk and potential profit and loss. could've used that before i hired my interior decorator. voila! maybe a couple throw pillows would help. get a strategy gut check from our trade desk. ♪ every curve, every innovation, every feeling. a product of mastery. lease the 2020 es 350 for $359 a month for 36 months. experience amazing at your lexus dealer. >>> some experts say this market is a total bubble and the whole thing will end in tears. others tell you to buy and hold because over the long haul, stocks only go up. want to own the high flyers and wouldn't touch sleepy stocks over time. frankly, i don't know. this moment is too uncertain that's okay. you don't need a crystal ball to manage your own money. you just need a diversified portfolio. there is a reason i'm always telling you that diversification is the only free

stuart: okay. >> last one, by the way, this is what we call a unicorn in the u.s.st and they've ceded market shares to invidia longer the world's biggest chipmaker. they need a win here. and the government also wants to keep them manufacturing because you want american innovation, technology, and you want to protect your intellectual property rights. this is important, but it also drags on delaying a lot of intel's chips. they're suffering as a result of it. stuart: well, intel is holding up, it's up two cents, whereas invidia is down $13 or 14. >> four straight days of records, so this is profit taking again. stuart: let's move away from tech, away from electric vehicles and go to costco. lauren, this is spectacular performance there. the stock's up. tell me the numbers. >> everyone's shopping. another month of double-digit sales growth. for august sales at costco e 15% to $13.5 billion. in one month online sales up 101.9%. we're stocking up the pantry, stocking up the garage with everything you might need if you're stuck at home. take a look at the stock right now, yes, that is a record high for costco, it'

the world, and we're seeing new emerging leaders. it's not just all about apple or microsoft, it's about invidia and paypal and adobe and salesforbes allse great companies -- salesforce, all these great companies. salesforce just became a member of the dow. i think tech move is not over, and i believe the bears, stu, lack imagination. that's why we put out this piece called unimaginative tech bearishness. this is not '99, 2000, the tech sector dramatically different on a fundamental basis. so we would urge investors not to rush to judgment and be so shortsighted. stuart: there you have it. a friday morning, we start the show with optimism on a vaccine, optimism for a big tech bounceback. and look at this, i'm going to show you sumo, the cloud management software company. it went public yesterday. it climbed 22% on its first day of trading. susan -- down a fraction this morning. tell me about unity. what to they do -- >> so they make, they help make 3-d video games, and a high tide lifts all boats, so we know that unity is pricing their shares at $52 apiece, that's higher than the initial price range, and this is because of the ipo mani

>> we have so much good news whether it be the gilead, that's an overpay but still there and terrific report by megea earlier today. this invidiaetics and, then, obviously, what you guys were talking about with tiktok which i don't think is nearly done because walmart will be speaking and walmart as big as oracle. i think the news is great. obviously, the backdrop last week is that we are too high is there like a person who is older than 40 doesn't say we're too high begins to aggravate me after a while. >> jim, we will see whether things are too high or too low you're right, right now things look good. we appreciate seeing you we'll see more of you. you guys have some amazing guests coming up on "squawk on the street" including the ceo of nvidia another ceo joining us right now that joe is going to help introduce. joe? >> gilead, jim, is referencing some of this big deal gilead to expand its presence in cancer drugs meg tirrell joins wi s us with e we'll pay you time and half today, meg third or fourth time you have been on. what's the latest? >> well, so, gilead paying more than 100% premium to acquire the $21 billion. this t

the past year, it's just been a skyrocket. look at tesla, all those other companies, invidia, just a bunch of them that have gone way, way up, andven down 10% from its high, and that 10% -- that high was, i mean, just recently. there's been this skyrocket. i would guess that that's just a correction, ors although god knows i've been wrong a lot of times in my life, david. i don't think i am in this cause. david: well, market activity ultimately, from day-to-day it differs, but ultimately, market activity is based on how the economy is doing. and this morning we got this extraordinary news that the unemployment rate came down much more than what was expected. i think it was due to come down to 9.3%, it's come down -- 9.8%, it's come down to 8.4%. this has to be eventually reflected in the market, no? >> of course it is. but when you're talking about the nasdaq, you're talking about a group of very specialized stocks in technology and medicine and that type of stuff, david. and, you know, when these guys come down, it doesn't necessarily affect gdp, employment and other things like that. so i would not read too much into the nasda