[U.S. Stock Market Pullback Reflects Valuation Adjustment, Not Fundamental Deterioration] According to a report by Golden Finance, the U.S. stock market has been under pressure this week, as investors question the sustainability of high valuations in tech stocks. Pepperstone research strategist Ahmad Assiri stated that this pullback is not a structural collapse but rather a reality check. He pointed out that the approximately 2% decline in the Nasdaq reflects more of a market valuation adjustment rather than fundamental deterioration, and the VIX index has not shown a significant spike, further supporting this view. (Jin10)