Add as a preferred source on GoogleTom Lee Says He Believes Markets Have Bottomed, Citing Tight AI Market
Lee said political resistance has slowed AI spending without creating excess capacity. He also pointed to crypto prices’ muted response after Binance estimated $6.3 billion in losses from its Oct. 29 hot-wallet compro…
BitMine Chairman Tom Lee said Monday, Nov. 2, that he believed markets had bottomed, pointing to continued tightness in artificial intelligence (AI) and crypto prices’ muted response to Binance’s $6.3 billion loss estimate.
Lee said hedge fund managers often warn that buying during a decline is risky because prices may fall further. He said the AI market had no excess capacity, while political resistance to additional spending had slowed growth without creating a market peak.
Binance estimated losses at $6.3 billion after its hot wallets were compromised Oct. 29. Lee said crypto prices fell very little after the breach. He said the muted reaction suggested some investors may already have been washed out to some extent, if crypto is a leading indicator of risk appetite.
The remarks follow Lee’s Oct. 22 assessment that the technology selloff was nearing its final stages.
Sonny Jang
ReporterSonny Jang reports on people and leadership in digital assets for TokenPost. Send corrections or tips to info@tokenpost.com.