According to CoinMeta, a research report by CITIC Securities analyzes that the recent adjustment in tech stocks is due to long-term pricing issues related to AI stocks, rather than being solely influenced by U.S. long-term bond interest rates. The report points out that the rate and scope of commercialization, the pricing power brought by computational power advantages, and the gap in computational power are three key narrative variables affecting the AI model. The impact of the U.S. Treasury Department's repurchase of long-term bonds is limited, and there have been no fundamental changes in the factors driving the continuous rise in U.S. long-term interest rates. The short-term capital structure of the A-share market determines the complexity of market dynamics.