Tom Lee Says AI Stock Repricing Has Gone Too Far, Fed May Skip December Hike

BitMine Chairman Tom Lee said Thursday, Nov. 5, that AI stocks have been repriced too sharply on fears of slower U.S. construction, pointing to continuing demand and no disruptive new competitor.

Lee said a post-election policy shock has heightened concerns about the AI buildout. He argued that companies continue to explore and benefit from AI, and that no new supplier has emerged to upend the industry.

Lee described a slower U.S. buildout as a temporary obstacle that could create opportunities for states embracing AI and countries with lower electricity costs. Companies could adapt by converting idle industrial buildings and offices into data centers, he said.

On interest rates, Lee said the latest productivity data made the Fed’s September increase look like a mistake. He said the central bank may not raise rates in December and that policy support could help stabilize the economy if employment risks arise.

The comments follow Lee’s October view that the technology selloff was nearing its end.