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Tom Lee appears on CNBC and says we have a rally, and this rally is not over yet, okay? So, according to his expectations, the S&P 500 index will reach $8,000. So let's dig into this and find out what this means for BMNR. Welcome to my second channel. I have four channels, so you should subscribe to all four.
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With that in mind, let's move on to perhaps the most interesting part of this video, where Tom Lee gets very, very optimistic. Thank you. They are a bit weaker today after recent gains. So we are also keeping an eye on the broader market. Goldman fell about 2%. This brings us to our main topic: the future of this rally and whether all these bulls are too optimistic right now.
Let's welcome our panel: CNBC contributor Tom Lee of Fundstrat and Dan Greenhouse of Solace. We are all here, at the ninth post, as you can clearly see. Tom, it's good to see you. I'll start with you. You say we can reach 7900-8000 this month alone. So, this momentum will continue. Yes, I think the deleveraging that happened a few weeks ago left a lot of cash on the sidelines, made sentiment quite pessimistic, and people's skepticism about the Fed forced the markets to reduce risk.
And now that the earnings have turned out to be good, I think there is a rethinking that inflation may be lower than expected, and of course AI is still strong, so there will be a race. I think this race will take us to 7900, 8000. Most people who post optimistic forecasts are citing both of the facts you mentioned.
This large-scale deleveraging process has become a reset for the market. No real fundamental changes have happened in anything. There was just a certain " foam" that needed to be removed. A certain level of leverage had become a little too high, and all of that had to be eliminated. And then—the basis of it all, profits.
John Waldron from Goldman was talking about this just yesterday morning. Yes. That's right. That is, this quarter's earnings exceed expectations at the beginning of the quarter by more than $15, but even more impressive is that earnings for 2027 increased by $8. So we're probably approaching 410 in 2027 earnings.
And we're only three weeks into the reporting season. I actually think that by the end of the reporting season, the figure could settle closer to 425. Does that sound reasonable to you ? And it's not just Tom, of course. You know, I hear more and more predictions of 8,000 every day, and Ed Yardeni says his 8,250 might even be conservative for the very reason Tom just brought up.
The profits are just very good. Yes, and as we see on the screen, the S&P is already at 7,700. So 8,000—no offense. This is not such a big increase in percentage terms. But I think that means this is just the next stop on this train. Yes, because the thing about profits is that even if you exclude technology and subtract, say , 10 percentage points from the total, profits are still good.
And when you listen, as many of us do, to any number of companies in any industry, their story with AI is going well, like Eaton, 3M, and related companies. Look at the charts of KRE, BKX, financials at highs, KIE, insurance companies at highs. Comments from all the card companies I mention each quarter indicate that consumer spending is in full swing.
So , we have all the investment topics: AI , electricity generation, etc. The consumer feels good. The number of applications for unemployment benefits has been below 200,000 for two weeks in a row . For viewers who don't know, the number of applications below 200,000 has not been recorded at any time since 2000 and in fact before COVID.
These are extremely incredible numbers. So , if we put aside optimistic or pessimistic sentiments , the overall background is positive. But the cost estimate is debatable. Look at SanDisk and some of the movement in these names, of course, South Korea. But the fundamentals are still very positive. So you can see here, Tom Lee says, "Hey, I think the S&P 500 could go up another 5% or so, right?
In this rally. It's not over yet. For example, people are still deleveraging. They see people wanting to jump into this rally because of FOMO and so on." Now, what does this mean for cryptocurrency or, say, for our B&R , okay? And I did a little calculation here, okay? So, the correlation between SPX and, for example, Ethereum, okay?
So if we go into AI mode here, let's say with Gemini Google AI, you can see that it typically fluctuates between 0.4 and 0.8, okay? Okay, so what does that mean, okay? Because I like everything to be very simple. So, let's assume that SPX will make a plus 5%. So how much can Ethereum make? OK? So, now he's counting, okay?
And we see that if the SPX, the S&P 500, makes a 5% move to reach Tom Lee's target, then we can expect a typical result of 15 to 25%. Let's take the average value of 20%, right? So, and we know that essentially Bitmain also has a slight premium or is trading a little better than Ethereum. And let's say, you know , they do 30%.
So maybe, just maybe, this month , in August, we'll see Bitmain go up 30%, guys, okay? We're somewhere around 80, 90 now, okay? So, it's about, you know, about $6.50, right? So we should be there at 25. And then something very interesting happened, because this is the 200- day moving average. If we overcome that too , the situation could become very, very bullish.
So let's see if our guru Tom Lee is right in his prediction. I hope so. This would be great for Bitmain . Bitmain is also quite strong today because, you know, even though the transparency law hasn't been passed, BMNR is showing very interesting growth. With that said, be sure to check out xandtrain.com via the link below, link in the description, and I'll of course see you on the other side, because the grass is always greener on the other side.
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