Intel · Bitcoin · BitMine Immersion Technologies · Decrypt
Tom Lee Calls Bottom on AI Stock Selloff, Citing Tight Supply and Crypto Resilience
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Fundstrat co-founder and Bitmine chairman Tom Lee says the AI stock selloff has reached its bottom, arguing that demand remains constrained by supply and that crypto’s response to a multibillion-dollar hack suggests investors have already done much of their selling.
Key facts
- Intel projected quarterly revenue of $15 billion to $16 billion, with the midpoint about $1.6 billion below analysts’ expectations
- Bitcoin did fall about 4% to roughly $76,400 on Friday, and more than $1.3 billion in positions funded with borrowed money were forcibly closed
- Intel offered a particularly sharp example on Friday, when its shares plunged nearly 30% to $65.76 after a disappointing fourth-quarter forecast
- Binance said on Friday that about $3 billion of the affected assets had been frozen and pledged to cover losses using its emergency reserve and company funds
Summary
Tom Lee told CNBC he thinks the AI stock selloff has reached its bottom, arguing that supply remains tight. He pointed to crypto’s reaction to the Binance hack as evidence that much of the selling pressure may already have passed. Strong AI demand has not insulated chipmakers from earnings concerns, and Bitcoin fund outflows show investors are still pulling money out. “I think we're at the bottom,” Lee said in a CNBC interview on Squawk Box.