BlockBeats news, on May 24, Tom Lee, Chairman of BitMine, Ethereum’s largest treasury, told CNBC that the overall fundamentals of the U.S. stock market remain healthy, demonstrating resilience amid rising oil prices and higher yields. Lee believes the U.S. economy possesses unique advantages, including leadership in AI technology, relative energy independence, and strong consumer resilience. He stated: “Compared to the beginning of the year, there is still greater upside potential for U.S. stocks before the end of the year. We still have some issues to work through later this year, but currently, the fundamentals are healthy and supported by earnings.”
He noted that IPOs by major AI companies such as OpenAI and SpaceX will generate a wealth effect worth trillions of dollars and stimulate consumption and markets later this year. However, he also warned that as more large IPOs and lock-up expirations occur this year, the U.S. stock market may face increased supply pressure. Additionally, Tom Lee stated that the AI and semiconductor sectors have not yet formed a bubble; the market is truly chasing "scarce assets." He believes demand for AI-related products remains strong, while supply continues to be constrained.
Regarding the previously predicted market correction, Tom Lee clarified: “We have already experienced a bear market in the MAG-7 and software sectors; other stocks may enter a bear market later this year, but the MAG-7 and software sectors will be spared from this downturn. Later this year, the market will face several factors: uncertainty from the midterm election seasonality, a liquidation moment triggered by oil product inventory shortages, and supply pressure from lock-up expirations following IPOs such as SpaceX and OpenAI.”