Tom Lee Says Yields Below 5% Mean the AI Selloff Is Nearly Over

Tom Lee of Fundstrat says the artificial intelligence (AI) selloff is near its end. He cites rates back below 5% and a crowded short trade in tech, even as the Nasdaq slides. The Dow sat more than 6% below the record it set earlier this month, according to the CNBC segment. What Does Lee Think Comes After the AI Selloff? Lee is managing partner and head of research at Fundstrat, a Wall Street research firm. He told CNBC ‘s Closing Bell that two headwinds have eased. The Federal Reserve (Fed) may be flipping from hawkish to dovish, he said. Meanwhile, rates that had markets fearing 6% are back below 5%. Lee named his preferred buys as Nvidia, memory chips, the Magnificent 7 megacap tech stocks, software, and crypto.

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