⚡ Tom Lee: AI Stocks Have Been Over-Reweighted; Fed May Not Hike Again in December On November 8, Tom Lee, Chairman of BitMine, an Ethereum treasury company, told CNBC that policy uncertainty following the midterm elections has intensified market concerns about the prospects for AI infrastructure development. However, he believes the sharp repricing of related stocks has gone too far. He argues that companies are still exploring AI and deriving benefits from it, demand is not slowing down, and no new competitors have emerged on the supply side capable of disrupting the industry. Lee described the potential slowdown in U.S. AI infrastructure development as a “speed bump,” suggesting it could create opportunities for states actively embracing AI and countries with lower electricity costs. He noted that businesses can adapt to policy shocks—for example, by repurposing vacant industrial facilities and office spaces for data centers. On monetary policy, he said recent productivity data make the Fed’s September rate hike appear like a misstep, and a further hike in December may be unlikely. If employment risks emerge, Fed policy support could also act as a stabilizing force. He emphasized that it is still too early to conclude that AI development will not continue, as some pessimistic assessments may have gone too far.