According to CoinMeta, a research report by CITIC Securities indicates that the recent adjustments in tech stocks cannot be simply attributed to high U.S. long-term bond interest rates. Behind this is the issue of forward pricing for stocks related to AI. The report mentions three key variables: 1) whether the rate and scope of commercialization can keep up with market expectations; 2) whether the advantage in computing power brings advantages in market share and pricing power; 3) whether the current gap in computing power will widen the future AI model differences. The current consensus concern is the rate and scope of commercialization, with the biggest potential variable being whether "anti-distillation" measures will widen the model gap again. As for macro factors, the impact of the U.S. Treasury Department's announcement to repurchase long-term bonds is limited. In the short term, a weaker U.S. dollar and diminished expectations for interest rate hikes are conducive to the convergence of the K-shaped divergence in global markets. The factors causing the continuous rise in U.S. long-term interest rates have not fundamentally changed, and there may be continued disruptions in the future. Under the influence of these external disruptions, the capital structure of the A-share market in the short term determines the increasing complexity of market dynamics. During periods of volatility, it is necessary to control psychological expectations and avoid excessive grand narratives.