저자: TomLee · 외국인
요약 보기
Tom Lee는 최근 급락을 구조적 약세장이 아닌 SpaceX 대형 IPO 전 레버리지 청산 과정으로 보고, 여름~10월에 더 큰 조정(공급 물량 해제 등)이 올 수 있으나 2027년까지 대형 상승장이 올 것이라 주장. 이 조정 구간에서 소외된 CRDO, MU, AVGO를 저가 매수 기회로 제시. CRDO는 FY27 광학 매출 6억 달러 이상·매출 24억 달러 가이던스, 선행 PER 35.9배(동종 대비 40% 할인). MU는 FY26 2분기 매출 239억 달러·EPS 12.20달러, AI 메모리 수요 강세. AVGO는 FY26 2분기 매출 222억 달러, 목표가 475달러(25배 PER 기준), 선행 PER 22배.
다듬은 글
The market just witnessed a shocking plunge on Friday with major indices tumbling over 4% in a sudden wave of panic that left investors reeling. In times of extreme volatility like this, everyone looks for answers and nobody looks more correct right now than Fundstrat's Tom Lee, who boldly called for a highly choppy three-phased market well before this major turbulence hit.
While this aggressive sell-off has left many retail traders sweating, Lee's underlying rationale and unique perspective suggests that this isn't actually the deeper structural correction he has been predicting. Instead, Lee views this sharp drop as a healthy short-term sobering moment where market participants are actively raising cash and clearing out short-term leverage ahead of the historic record-breaking $75 billion SpaceX initial public offering.
According to Lee's broader market outlook, the real bear market-like test is a much larger event slated to drag on through the volatile summer months and deep into October driven by heavy supply unlocks and broader macroeconomic adjustments. However, this temporary pain is expected to ultimately cleanse the market of excess leverage and set up a massive historic equity rally moving into 2027.
Because the smart money always moves to buy beaten-down assets during these liquidity drains, this exact moment opens up an incredible window of opportunity. This brings us directly to three specific stocks that are currently down significantly from their recent highs and remain deeply misunderstood by the broader public.
As the further correction that Lee forecasted potentially plays out over the summer, capital is going to aggressively rotate into these overlooked gems, making them prime candidates to absolutely explode in the next major wave upward. One incredibly misunderstood tech gem prime to explode in the next market wave is Credo Technology Group Holding Limited trading under the ticker CRDO.
While the broader market reels from Friday's pullback, Credo represents the exact type of deeply discounted, high conviction play where smart money rotates during a liquidity drain. The company is currently executing a massive, rapid ramp-up of its data center optical networking portfolio, with management confidently guiding to more than $600 million in optics revenue for fiscal year 2027.
This explosive segment is projected to fuel an astonishing 80% year-over-year corporate revenue growth, bringing Credo's total top line midpoint to $2.4 billion. The market has completely mispriced this growth runway, creating a gaping valuation disconnect. CRDO trades at a one-year forward price to earnings multiple of just 35.9 times, representing a massive 40% discount compared to the 59.7 times median of its semiconductor networking peers.
Beyond sheer revenue volume, Credo's underlying financial power lies in its structural margin expansion. The recent strategic acquisition of Dust Photonics brings critical photonic integrated circuits in-house, completely rewriting the company's cost architecture by slashing the required laser count per optical module by 75%.
This massive reduction in manufacturing costs is already validating a highly bullish margin thesis. Management's near-term gross margin guidance of 68% delivers a substantial 300 basis point beat over consensus expectations, and margins are securely on track to clear the 70% threshold as the high margin ZF optics line scales up.
While temporary industry-wide 3 nanometer capacity constraints at TSMC have caused short-term traders to hesitate, Credo has already secured adequate supply for the next 12 months. This creates a phenomenal entry point. Technical charts confirm this structural strength, displaying powerful bullish engulfing candles that mark the recent dip as a normal, healthy pullback.
Credo possesses the exact fundamental metrics and achievable multi-year earnings trajectories to deliver market-beating returns as the next leg of the bull market takes shape. The second beaten-down stock perfectly positioned to explode in the next market wave is Micron Technology Inc. Trading under the ticker MU, while broad market panic and aggressive profit-taking forced a sharp 14.2% pullback in Micron's share price over just 3 days, dropping from a recent high of $1,007.10 down to $864.01.
This short-term dip creates a highly lucrative buying opportunity. The broader market completely misunderstands Micron by lazily treating it as a traditional, highly cyclical commodity memory manufacturer. In reality, the emergence of advanced artificial intelligence has completely rewritten the industry's fundamentals, shifting Micron from a legacy supplier for PCs and smartphones into a critical, strategic enabler of global AI infrastructure.
The company's financial performance reflects this massive structural shift. With its second-quarter fiscal 2026 revenue nearly tripling year-over-year to a historic $23.9 billion alongside an explosive surge in earnings per share to $12.20. This financial powerhouse is riding a massive AI-driven memory supercycle where demand for high-bandwidth memory and advanced DRAM continues to vastly outstrip global supply capacity.
Because AI server compute architectures require an unprecedented volume of memory bits, hardware components like the Nvidia Blackwell GPUs have made next-generation memory the ultimate bottleneck in the AI race. Micron has perfectly capitalized on this supply crunch by rapidly ramping up its industry-preferred eight-high and 12-high HBM 3E solutions, while simultaneously distributing highly advanced HBM 4 samples to key hyperscale customers.
This surging technological complexity eats up significantly more wafer resources, creating structural supply constraints that permanently protect elevated pricing premiums and drive healthy expanding cash flows. Furthermore, Micron's rapidly evolving cloud memory business unit has grown exponentially from 1.87 billion dollars in fiscal 2023 to a jaw-dropping 13.52 billion dollars, proving that its core earnings power has structurally decoupled from legacy consumer electronic cycles.
Despite this incredible operational execution, the stock remains severely undervalued because short-sighted investors continue to heavily discount its peak cyclical earnings. Micron's forward price-to-earnings and price-to-earnings-to-growth ratios signal extreme undervaluation relative to its high-flying semiconductor peers.
With an elite oligopoly where only three global players control 90% of the entire market share, Micron has successfully secured long-term strategic customer agreements that greatly stabilize its forward revenue streams and mitigate historical earnings volatility. As capital inevitably rotates back into high-conviction fundamental AI winners during the summer consolidation, Micron is a premier candidate to absorb institutional cash flows and spearhead the next major wave upward into 2027.
The third and final beaten-down stock representing an absolute golden buying opportunity is the semiconductor powerhouse Broadcom Inc., trading under the ticker AVGO. Broadcom recently experienced a dramatic and highly irrational 12% drop in its share price down to $385.73, making it a prime example of the short-term investor overreaction that Tom Lee highlighted.
The market completely panicked following the company's second quarter fiscal 2026 earnings release, solely because management chose to leave its fiscal year 2027 guidance unchanged at $100 billion. In a market entirely hyper-focused on immediate AI upgrades, short-sighted traders lazily used the lack of a guidance hike as an excuse to lock in profits, completely blinding themselves to Broadcom's phenomenal operational execution and massive accelerating underlying fundamentals.
The actual hard data from the earnings report reveals a business that is firing on all cylinders, comfortably beating Wall Street consensus estimates on both the top and bottom lines by delivering an impressive $2.44 in non-GAAP earnings per share and a staggering $22.2 billion in total revenue. Broadcom's core segment, semiconductor solutions, saw its growth accelerate to an explosive 79% year-over-year, raking in $15 billion as global tech giants aggressively scale their data centers.
This surge is heavily driven by a massive takeoff in Broadcom's custom AI silicon business, fueled by game-changing long-term manufacturing partnerships with industry leaders like OpenAI, Anthropic, and Alphabet. Furthermore, the company's financial resilience is backed by massive capital expenditure budgets from hyperscalers, with Amazon alone targeting $200 billion and Alphabet committing up to $190 billion toward AI and cloud infrastructure spending this year.
What makes Broadcom an undeniable high-conviction buy right now is its legendary profitability and unparalleled cash generating power. The company's non-GAAP gross profit margin remains rock-solid at a resilient 77.1%, while its quarterly free cash flow surged an incredible 60% year-over-year to $10.3 billion.
This outpaced top-line revenue growth by a solid 12 percentage points, driving Broadcom's free cash flow margin to an enviable near monopoly level of 46% Despite this world-class efficiency, the stock's steep drop has left it severely mispriced at a forward price to earnings multiple of just 22.0 times based on fiscal year 2027 projections.
This represents a massive unwarranted discount compared to custom chip competitors like Marvell Technology trading at 51.3 times or AMD at 40.2 times. Applying a highly realistic and conservative 25 times multiple to Broadcom's massive business momentum implies a clear fair value of $475 per share, exposing a massive upside path as smart institutional money inevitably rotates back into premier cash flow rich AI winners.
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