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Feb 12, 2026
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LONG
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"Gold is now bigger than the stock market... I think the market's going to have to start to give a higher P E to the equity market, just in the same way that gold's being rerat[ed]." Gold has rallied massively as a "store of value," yet it produces no cash flow. Equities have demonstrated resilience through six "Black Swan" events and are showing accelerating earnings growth. If the market accepts a higher valuation for Gold, logic dictates it must also expand the multiple (P/E) for Equities, which offer both store of value properties *and* growth. LONG. Lee views the high valuation not as a ceiling, but as a midpoint in a repricing event alongside Gold. A resurgence in inflation (CPI data) could force the Fed to abandon its dovish stance, breaking the valuation support. |
CNBC
Tom Lee: If Gold can rerate higher, then so c...
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Feb 12, 2026
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LONG
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Scott Wapner suggests AI is a "shooting gallery" taking down software stocks. Lee counters: "To me, I think what we're seeing is that there is a payoff coming from AI... It ultimately is productivity." The market consensus is currently fearful that AI will replace traditional software (SaaS) companies, leading to a sell-off. Lee argues the "Second-Order Effect": AI is actually a tool that these companies will integrate to drastically improve their own productivity and product value. The current bearish sentiment on software is a mispricing of this productivity boom. LONG. Buy the software dip caused by AI fears, betting on the productivity realization. If AI adoption slows or if "Hyperscalers" stop spending (as noted by the host), the productivity thesis may be delayed. |
CNBC
Tom Lee: If Gold can rerate higher, then so c...
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Feb 06, 2026
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LONG
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The stock is at a 7-month low, tracking the drop in Ethereum prices, leading to fears of financial distress. Lee argues the sell-off is purely correlated to the asset price (ETH), not company insolvency. The company is a debt-free vehicle designed to track Ethereum with yield. Because it has no leverage, there is "no risk" of a liquidation event or bankruptcy; it simply waits for the ETH price to recover. The company holds 4.3 million Ethereum (earning 3% APY) and $600 million in cash (earning 4% APY). It generates ~$1 million per day ($360 million/year) in net income. Continued depression in Ethereum prices, which the stock tracks. |
CNBC
Fundstrat's Tom Lee: Crypto looks like it is ...
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Feb 06, 2026
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LONG
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Ethereum has suffered a "waterfall decline" (down 40% in 10 days), and sentiment is at rock bottom, comparable to the FTX crash in November 2022. Lee argues this is a capitulation bottom. Historically, Ethereum has experienced seven drawdowns of 60% or more in the last eight years; every single one resulted in a "V-shaped recovery" (recovering as quickly as it fell). Furthermore, the "utility" of the network is expanding regardless of price, as Wall Street moves financial infrastructure (tokenization) onto Ethereum. Active Ethereum addresses are up 117% year-over-year (parabolic rise in the last 3 months). Major firms like UBS, Standard Chartered, and Fidelity are tokenizing products specifically on Ethereum. Continued volatility or a failure of the historical V-shape pattern to materialize. |
CNBC
Fundstrat's Tom Lee: Crypto looks like it is ...
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Feb 06, 2026
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WATCH
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MicroStrategy recently made a 25% move upward despite the broader crypto slump. Lee views this price action as a leading indicator or signal that the broader crypto market is finding a bottom. A specific "25% move" cited as evidence of the turn. False breakout or decoupling from broader crypto trends. |
CNBC
Fundstrat's Tom Lee: Crypto looks like it is ...
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