[Heavy Positions and Valuation Concerns Trigger Tech Stock Pullback] Jon Withaar, Senior Portfolio Manager at Pictet Asset Management, stated that the tech stock pullback is driven by multiple factors, with the core issue being position levels. Globally, both retail investors and hedge funds hold high long exposure to tech stocks. Last night, several CEOs made negative remarks regarding valuations, coupled with the sharp decline in cryptocurrency prices, further dampening market sentiment. This sell-off is primarily position-driven, with stocks that have performed strongly recently experiencing larger declines. In the Asian market, companies like SoftBank and SK Hynix were significantly affected, especially after yesterday's "investment caution notice" targeting SK Hynix, which raised concerns among retail and institutional investors.