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Tom Lee just changed his September market forecast and completely exited core portfolio assets to execute a massive tactical reversal. Hear him out in person before we move on to his next moves and new stock purchases. This increase in September is, uh, a negative reaction to AI data centers, and there's also a seasonal factor.
You know, September is a weak month. But I actually now think that with all this growing concern, the market could surprise us with growth. And I think maybe September 15th, the Fed meeting, will be a turning point. If the Fed doesn't lower, uh , raise rates, which is our base case scenario, I think the markets could actually go up quite a bit.
Maybe it will move to October, because you know, I think the consensus forecast is that the midterm elections will be the starting point for stocks to go up. But maybe this, maybe October, which is usually a month of big moves, you know, might actually turn out to be a weak month. As Tom Lee emphasized in that interview, this sudden strategic shift marks a dramatic departure from prevailing market sentiment.
With the S&P 500 hovering near record highs around 7,700, Lee withdrew his previous forecast for a sharp 10% correction in September. Instead, he sees the Federal Reserve meeting on September 15 as the main bullish catalyst . If the Fed keeps rates unchanged instead of raising them, massive short-selling could trigger a powerful rally.
According to Lee, the growing panic among retail and institutional investors has led to a market of preemptive caution, which is likely to push any standard pullback to October, when indices could briefly drop to 7,300-7,400 before resuming the broader uptrend. Underpinning Lee’s bold year-end target for the S&P 500 above 8,200 is massive growth in corporate earnings productivity and an acceleration of structural U.S.
GDP growth above 3%, fueled by a return to manufacturing, the buildout of AI data centers, and investments in critical power grids. Aggressively positioning itself for this expansion, Fundstrat's flagship $5 billion+ portfolio executed an equilibrium rebalance on August 21, liquidating over $700 million in capital through seven full exits, completely divesting shares of Meta Platforms, Broadcom, American Express, Northrop Grumman, Air Products and Chemicals, Texas Pacific Land, and PNC Financial Services.
Capital from these full exits was immediately reallocated to a group of promising AI assets focused on recovering semiconductor companies, liquid cooling infrastructure, high-bandwidth memory providers, and manufacturers of industrial copper needed for next-generation power grids . Let's start with Intel Corporation, ticker INTC, where Fundstrat has formed an equilibrium portfolio holding of 2.3%, purchasing approximately 7.8 million shares worth over $700 million within its strategic line .
$105 million in the flagship GRNY ETF. This classic recovery success story is transforming into a leading force in semiconductor manufacturing, advanced chip packaging, and next-generation processor architectures . Leveraging its recent structural momentum, Intel has conducted a massive $20 billion capital raising to strengthen its balance sheet and fund aggressive capital spending.
In a market where AI workloads are moving from GPUs directly to CPUs to power agent processes, Intel is uniquely positioned to meet this demand. The company's core product segment generates nearly $16 billion in operating profit, while its ambitious Intel Foundry division is developing critical 18A and 14A process technologies to challenge global chip monopolies.
With high barriers to entry in advanced semiconductor manufacturing and demand for packaging services, Intel offers huge long-term potential as its foundry operations head towards breakeven by 2027, exposing significant core business value. Moving from data processing architectures to memory infrastructure, next on the list is Micron Technology, ticker MU, where Fundstrat has invested over $700 million of its funds, purchasing about 750,000 shares, representing 2.3% of the portfolio and $102 million in GRNY .
Micron is a cornerstone of the global adoption of AI, rapidly transforming from a traditional cyclical memory supplier to a high-margin SaaS tax collector. The fundamental driver of Micron's explosive growth is the physical architecture of agent-based AI and humanoid robotics, which require huge contextual windows and continuous multi-step reasoning.
These workloads consume 5–30 times more memory than standard chat interfaces, driving unprecedented demand for high- bandwidth memory such as next-generation HBM3E and HBM4 . Because HBM production requires three to four times as many wafers as conventional DRAM, global memory supplies remain in a state of deep structural shortage.
Hyperscalers, in an effort to secure capacity, have entered into multi-year strategic agreements backed by $22 billion in upfront payments, effectively financing a massive expansion of Micron's factories at zero cost of capital. With all of HBM's calendar production capacity fully sold out and long-term contracts guaranteeing free cash flow, Micron finds itself at the heart of the current AI memory supercycle.
Moving from memory chips to the physical bottlenecks that power them, third on the list is Vertiv Holdings Co., ticker VRT, where Fundstrat formed a key position of 2.4% of the portfolio, purchasing about 2.75 million shares worth more than $700 million and $107 million in GRNY. Vertiv serves as an indispensable leader in critical infrastructure, solving data center power and thermal management issues .
As high-density AI clusters increase energy demand to unprecedented levels, traditional cooling systems are failing to keep up, forcing the industry to massively transition to advanced liquid cooling, high-efficiency 800V DC power architectures, and integrated switching solutions. Vertiv is unique in that its end-to-end portfolio spans the entire thermal and power chain, from chip level to heat dissipation, allowing the company to continuously increase its value per megawatt.
With 18% organic growth and an extraordinary $15 billion order backlog with a 2.9x order-to- shipment ratio, Vertiv is expanding operating margins to over 27% while generating stable high-margin revenue through post- implementation maintenance. With global data center electricity consumption projected to double by 2030 , Vertiv is at the heart of the AI physical infrastructure buildout, capturing an increasing share of every megawatt deployed around the world.
Moving from data center equipment to strategic defense infrastructure, fourth on the list is Lockheed Martin Corporation, ticker LMT. Within which Fundstrat implemented a 2.25% qualitative defensive allocation, purchasing approximately 1.25 million shares worth over $700 million, including $101 million in GRNY.
Far from simply a mature defense stock, Lockheed Martin is undergoing a structural operational evolution as its revenue base expands beyond legacy platforms into precision weapons, missile defense, hypersonic systems, and naval architecture . Driven by historic allied rearmament and stockpiling, Lockheed's total order book reached a record $230.4 billion, led by orders for missiles and fire control systems, which nearly doubled to $87.9 billion .
Multibillion-dollar programs such as the PAC-3 missile system, where annual production is increasing from 600 to 2,000 units, and large-scale THAAD defense contracts provide revenue predictability for many years until the end of the decade. Importantly, the rocket segment provides an increased operating margin of 14.5%, significantly exceeding the overall company average.
With a non-dilutive long-term conversion of its order book, providing projected cash flows through 2030, Lockheed Martin provides solid balance sheet stability alongside significant operating potential for future market expansion. Going beyond earthly borders into space infrastructure. Fifth on the list is Space Exploration Technologies Corp, ticker SPCX, where Fundstrat raised more than $700 million through its suite of funds to acquire approximately 5.4 million shares, setting an equilibrium allocation of 2.4% in the flagship fund, including $108 million in GRNY.
SpaceX is the undisputed world leader in space infrastructure, satellite communications, and next- generation orbital AI computing. The SpaceX ecosystem operates through three powerful, vertically integrated business drivers: a dominant launch division that provides over 80 % of the world's mass in orbit, a rapidly growing Starlink communications business with 12 million subscribers that generates highly profitable recurring cash flows, and a rapidly expanding AI computing segment.
In its recent quarterly results, SpaceX showed an impressive 92% jump in revenue to $7.8 billion, while nearly tripling adjusted EBITDA to $3.5 billion . Driven by huge demand from corporate data centers, SpaceX is scaling its AI computing capacity beyond 2 gigawatts, aiming for an extraordinary $100 billion in annual revenue by December 2026.
By using Starship V3 to radically reduce the cost of launching cargo, SpaceX is pioneering space-based data centers for AI and direct- connect satellite communications, overcoming terrestrial limitations and creating a next- generation technology platform that will power the future of global connectivity.
Tom Lee's dramatic portfolio reshuffle sends a clear signal to the market. Defensive strategies are becoming a thing of the past, replaced by high-potential AI infrastructure development tools. Adjust your portfolio carefully ahead of the September Fed meeting. Subscribe, .
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