US Stock Market Rally Burden? Why Oil Has No Choice But to Rise to the $100 Level | Lee Chun-gwang, Legnum Investment Advisory CEO

Summary

Lee Chun-gwang, CEO of Legnum Investment Advisory, says the US equity rally can continue into the November midterm elections, supported by AI growth that remains in its early innings. He expects oil to fall to the $80s as war risk eases and OPEC/UAE supply rises, which should help stabilize inflation and push the 10-year Treasury yield below 4.3%. He favors Alphabet as the top M7 AI winner, remains positive on Nvidia, is cautious on Meta and Tesla, and views the broader geopolitical realignment as a major US advantage.

• US equities are expected to trend higher into the November midterm elections.
• AI is viewed as still in the early innings, with data-center and token growth accelerating.
• Oil is expected to fall to the $80s in the near term as supply rises and war risk de-escalates.
• The 10-year Treasury yield is the key barometer; below 4.3% would signal stability.
• Alphabet is the top M7 AI pick, while Nvidia remains a core hardware exposure.
• Meta and Tesla are viewed cautiously, with Meta's AI spending and Tesla's EV growth needing proof.
• The Middle East conflict is seen as accelerating a geopolitical and energy realignment that benefits the US.
• Inflation is treated as a temporary risk rather than a persistent problem.