Tom Lee: Tech Giants' Bear Market Over, But Other Sectors May Face "Rolling Bear Market"

BlockBeats News, May 27th, Fundstrat's Head of Research, Tom Lee, stated that despite the "Big Tech Seven" shaking off the decline, the overall market risk has not dissipated, and other sectors may gradually enter a "rolling bear market" later in 2026.

He believes that the demand for AI remains strong, which will support major indices to maintain resilience by the end of the year, but market internal divergences will intensify. During an interview with CNBC, he said, "The bear market in the Big Tech Seven and the software sector has already ended," emphasizing that this does not represent the overall market.

Lee pointed out three major potential disruptive factors: midterm election cycle fluctuations, sell-off pressure after the lock-up period for tech company IPOs, and energy supply tightness. Among them, he sees energy as the most direct risk, warning that "a reckoning moment is approaching: a shortage of oil products inventory that cannot be alleviated in the short term," putting pressure on energy-dependent companies.

He remains bullish on the core supports of the U.S. economy—energy independence and AI-driven productivity gains, advising investors to focus on directions with strong earnings certainty, saying, "What is really strengthening is companies that control scarce resources." He mentioned that the semiconductor sector has shown signs of overheating, but in the short term, fund momentum still favors AI suppliers and tech leaders, while other industries may gradually enter an adjustment phase.