Apple's earnings of $11.62 per share and revenue of $45.6 billion handily beat Wall Street's estimates of $10.18 per share in earnings and $43.53 billion in revenue. To top it off, the company announced a $30 billion share buyback and a 7-for-1 split of its shares. By Thursday morning, Apple shares were up 8 percent.
On the other side of the 101, Facebook's earnings of $0.34 per share and revenue of $2.5 billion smoked analysts' consensus estimates of $0.24 per share and $2.36 billion in revenue. The big growth in revenue came from mobile ad sales, which were about 60 percent of its total ad sales. Just eight quarters ago, mobile revenue were virtually nonexistent.
But, while Apple comprises 7 percent of the tech-heavy NASDAQ Composite Index, all that great news still barely made a dent in the index, which was up only 0.4 percent Thursday afternoon.
So, in light of great earnings by the likes of Apple and Facebook, is the NASDAQ a bubble or is it cheap?
CNBC contributor Gina Sanchez, founder of Chantico Global, says investors are turning away from highly-valued NASDAQ stocks and toward those on the lower-end of the valuation ranges.
Investors are walking away to some degree from the growth story and are not willing to pay such high valuations for future growth," Sanchez said. "Those highest-flyers – these are names like Facebook, like Netflix – those kinds of names would have to correct dramatically in order for them to be considered cheap or even reasonably priced…. So, I actually think that there's more downside than upside to those names."
(Read: Microsoft earnings beat Street expectations)
Ari Wald, head of technical analysis at Oppenheimer & Co., said the NASDAQ is toning down after more than tripling in five years.
"There are some signs of moderation in its trend after this very strong advance," Wald said. "We are seeing the gap between its 50- and 200- day moving averages begin to close. That is troublesome."
Wald agreed with Sanchez that high-valued stocks in the NASDAQ were causing trouble for the index.
"You have a lot of these highflying momentum names that have really been the source of weakness," Wald said. "I want to avoid them as well."
Instead, Wald sees attractive trends in large-cap tech names such as Apple, Microsoft and Intel.
"Those are the names I want to be in," Wald said. "Sell the NASDAQ, forget about the momentum names, [and] rotate into big cap tech. That's what to buy."
To see the full discussion on the NASDAQ Composite Index, with Sanchez on the fundamentals and Wald on the technicals, watch the video above.