Tom Lee: AI stocks are over-repriced, and the Fed may not raise rates again in December.

BlockBeats news, November 8: Tom Lee, Chairman of Ethereum treasury company BitMine, said in an interview with CNBC that the policy shock following the midterm elections has intensified market concerns about the prospects for AI buildout, but the sharp repricing of related stocks has been excessive. He believes companies are still exploring AI and benefiting from it, demand will not slow, and no new competitor has emerged on the supply side capable of upending the entire industry.

Tom Lee described a possible slowdown in U.S. AI buildout as a "speed bump," and said it could create opportunities for states that actively embrace AI as well as for countries with lower electricity costs. He said companies can find ways to cope with policy shocks, such as converting idle industrial plants and office space for use as data centers.

On monetary policy, he believes the latest productivity data makes the Fed's September rate hike look like a mistake, and there may be no further hike in December. If employment risks emerge, Fed policy support could also play a stabilizing role. He stressed that it is too early to conclude that AI buildout will not continue, and some pessimistic judgments may have already gone too far.