Greenlight Capital's David Einhorn may think we're in a tech bubble, but trader Jim Iuorio believes he's wrong.
"It is not a bubble ... until we see a ton of leverage, and not just at the institutional level" but at the "mom-and-pop" investor level, said Iuorio, managing director at TJM Institutional Services and a CNBC contributor.
"That's what really exacerbates the margin call—when it's someone who doesn't have money to lose."
On Tuesday, Einhorn warned investors in a letter that "there is a clear consensus that we are witnessing our second tech bubble in 15 years."
"The current bubble is an echo of the previous tech bubble, but with fewer large capitalization stocks and much less public enthusiasm," the letter said.