[Analysis: The recent adjustment in tech stocks cannot be simply attributed to the high yield of U.S. long-term bonds] Odaily Planet Daily reports that a research paper by CITIC Securities suggests the recent adjustment in tech stocks cannot be simply attributed to the high yield of U.S. long-term bonds. The adjustment is fundamentally tied to the forward pricing issues of AI-related stocks, with three key narrative variables: 1) Whether the commercialization speed and scope align with market expectations; 2) Whether computational power advantages translate into market share and pricing power advantages; 3) Whether the current computational power gap will significantly widen the future gap in AI models. The prevailing concern is the speed and scope of commercialization, while the biggest potential variable is whether "anti-distillation" will further widen the model gap in the future. As for macro factors, the U.S. Treasury's announcement of long-term bond buybacks has a very limited impact. However, in the short term, the weakening of the U.S. dollar and the softening of rate hike expectations are conducive to the convergence of global market K-shaped divergence. That said, the fundamental factors driving the sustained rise in U.S. long-term yields have not changed, and further disturbances may occur in the coming period. Amid these external disruptions, the funding structure of the A-share market in the short term determines that the complexity of market dynamics continues to increase. During this phase of market volatility, it is crucial to manage psychological expectations and avoid excessive grand narratives.