Tom Lee Calls Bottom on AI Stock Selloff, Citing Tight Supply and Crypto Resilience

Fundstrat co-founder Tom Lee said he believes the sell-off in artificial intelligence shares has reached a bottom. In a CNBC interview reported by Decrypt on 2 November 2026, he argued that demand for AI remains strong while supply is tight, so constraints on expansion should not be mistaken for excess capacity. He acknowledged that calling a market bottom is difficult and that prices could fall further. His view is a forecast, rather than evidence that the sell-off has ended.

Lee also pointed to cryptocurrency markets following a major Binance security breach. He interpreted their response as a sign that much of the selling pressure on risk assets may already have passed. Binance estimated that the incident affected about $6.3 billion in assets and said roughly $3 billion had been frozen. The market evidence remains mixed: Bitcoin fell by about 4% on the Friday cited in the report, while US spot Bitcoin funds recorded substantial outflows. Strong AI demand has likewise offered no guarantee for shares: Intel reported 78% annual growth in its data centre and AI revenue, but its fourth-quarter forecast disappointed investors.