Overall, the core reason for this round of decline is, on the surface, the "weaker-than-expected rebound" in the U.S. non-farm payroll data, which has triggered market concerns about a U.S. recession to some extent. Essentially, it is accompanied by the release of Nvidia's second-quarter earnings report, which showed a slowdown in growth. As the core driving force of this bull market, Nvidia has begun to devalue, leading capital to accelerate the pace of deleveraging in the tech sector to mitigate risks.