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.
However, Iuorio thinks the previous bubble "looks nothing like" the current technology landscape.
"We've already seen a 25 percent pullback in the momentum names that were leading us and we didn't see people hitting the panic sell button."
What trader Jeff Kilburg sees is opportunity.
"I think there are some great values coming our way as we will see tech sell off here," he said. "I think 2014 is a tech story. You need to be in tech."
Kilburg, founder and CEO of KKM Financial and a CNBC contributor, wants to own data storage or cloud plays.
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However, he believes Einhorn may be right when he talks about some stocks falling about 90 percent.
—By CNBC's Michelle Fox.