Tom Lee Calls AI Stock Pullback a Correction, Citing Cisco's 1990s Rally

Fundstrat Head of Research Tom Lee described the pullback in artificial intelligence stocks as a correction and a buying opportunity, drawing a comparison with Cisco’s rally in the 1990s.

Lee had previously linked AI-stock selling to pressure on crypto markets as investors in several countries reduced risk exposure. He pointed to concerns about AI financing and model safety, U.S.-Iran military activity, the U.S. midterm elections and rising global bond yields.