Tom Lee: AI Stocks Overpriced, Fed May Not Raise Rates in December

On November 8, Tom Lee, chairman of BitMine, stated in an interview with CNBC that the policy shock following the midterm elections has intensified market concerns about the prospects of AI development, but the significant repricing of related stocks has been excessive. He believes that companies are still exploring AI and benefiting from it, with demand not slowing down and no new competitors emerging from the supply side that could disrupt the entire industry. Tom Lee described the potential slowdown in U.S. AI development as a "speed bump," suggesting it could create opportunities for states that actively embrace AI and for countries with lower electricity costs. He noted that companies are finding ways to respond to policy shocks, such as repurposing idle industrial buildings and office spaces for data centers. Regarding monetary policy, he believes that the latest productivity data makes the Fed's rate hike in September look like a mistake, and there may not be another rate hike in December. If there are employment risks, the Fed's policy support could also play a stabilizing role. He emphasized that it is still too early to assert that AI development will not continue, and some pessimistic judgments may have gone too far.

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