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Wall Street is sounding the alarm as tech stocks fall and fears of an artificial intelligence "bubble" grow. But Fundstrat's Tom Lee questions that notion, suggesting that the sell-off could actually open up serious opportunities. Is artificial intelligence approaching a critical threshold, or is the market misjudging the risks?
Let's watch this CNBC interview with Tom Lee from Fundstrat. So, congratulations again. Another review of the markets. The Nasdaq is falling, as you know. The Dow is now down more than 6% from its all-time high set earlier this month. Our next guest sees opportunity in this sale. With me now is Tom Lee from Fundstrat.
He is also a contributor to CNBC. Nice to see you again. You say that concerns about AI are preventing it from becoming a " bubble." Some would suggest that these concerns only deflate what has already become a “bubble.” God, I know there are two sides to this debate, but the reason I argue that concerns about AI are preventing a " bubble" is because we continue to see amazing discoveries made by AI.
I mean, whether it's Muse, or agents, or maybe 2 weeks ago OpenAI solved 770 math problems. This is not the end or late cycle for AI discoveries and even for productivity gains. So, as long as we see progress there, every dollar of capital raised for AI is generating profits. I think it's actually really cool that debt markets are, to some extent, curbing the uncontrolled speculative boom in AI.
So, I think this is actually a very healthy correction in that regard. So, you're focused more on the derivative impact, you could say, than on concerns about costs, funding, capital shortages, etc.? Yes, I mean, unfortunately, AI really does require a lot of money. We produced a report a few weeks ago that shows that 30 trillion will be spent on AI over the next 25 years.
First, there are actually a lot of investment dollars, because interest income from American households alone is about 7 trillion per year. So, you know, a trillion of this can be financed just by the interest income earned by Americans. But building the mobile network cost about 25 trillion, and the roads cost 25 trillion.
I believe that AI is probably a more important infrastructure project than mobile communications. These are approximately the same amounts of money. So I don't think there's too much money being poured into AI today. Is it worth buying at this sale yet? Yes. I think we are close to the final stages of the sell-off because the play on the tech sector has become mainstream.
And I think the yields that were really worrying the markets, as you know, have gone down. So, I mean, there are two things that used to be obstacles: the Fed was quite hawkish, and now it's potentially becoming quite dovish. And interest rates, which were approaching five , and people were afraid of 6%, are now back below 5%.
I think the only thing left now is that the debt markets are still closed, and of course, the uncertainty due to the war. I mean, if you said "yes, I would buy," where would you buy? Would you stick with just these biggest AI-related stocks on the market? Yes, Scott, I think AI, memory bottlenecks, Nvidia, and the Big Seven—they're selling because they're easy to short right now, and of course people are worried about the credit side.
I think they are reaching bottom. But I also like the software, and I also like the crypto here. I think I would be pretty optimistic about the whole broad cyclical trade. And as you know, the financial sector is not growing, but rates are falling. So I think there are a lot of opportunities here. I view this as a compressed spring as the fundamentals remain stable.
Wow, well, if you look at, for example, the semiconductor index or the DRAM ETF, we show it. There is so much destruction in this trade. I'm just curious what story this graph will actually tell in the coming weeks, if not months. Scott, I think this just shows how fierce the fight around AI is today.
But keep in mind that in 1997, 3 years after the launch of the public internet and browsers, Cisco, which was the biggest stock at the time, had a huge 50% drop. Partly because Alan Greenspan talked about irrational exuberance and then seemed to hint at preemptive rate hikes, which is very similar to today.
Cisco had a 50 % correction, went down to five, and a year later it was 18. I think the situation is similar , you know, Chat GPT is actually celebrating its third anniversary. I believe we are still at the very beginning of this AI trend, but people's excitement is understandable. I mean, a lot of people have made money and are now actively recording profits as well.
Of particular interest here is the difference between artificial intelligence as a technology and AI stocks as investments. Even if AI delivers huge productivity gains, it doesn't automatically justify every company's valuation or guarantee returns on massive infrastructure spending. Lee's comparison to the early internet era highlights how transformative technologies can survive major market corrections without losing their long-term potential.
But there is an important difference. The market recovery will still depend on corporate profits, financing conditions, and whether investments in AI translate into sustainable returns. The real question is not simply whether AI will succeed. And whether today's share price reflects too much of that future success.
This CNBC excerpt is provided for commentary, analysis, and educational purposes. This is Crypto Nugget. Be vigilant, stay informed.
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