Tom Lee: Latest market action is healthy and won't derail the tech trade

Summary

Tom Lee addresses market jitters ahead of the SpaceX IPO, calling the sell-off healthy consolidation that will not derail the technology-led uptrend. He sees the dip in chip stocks as positioning-driven and notes that memory and semiconductor indexes held key support. He expects the bull trend to resume, with a potential pullback later in the year due to Fed uncertainty and lockup expirations.

• Markets are consolidating gains and showing pre-IPO jitters ahead of the $75B SpaceX listing.
• Tom Lee views the sell-off as healthy and not a threat to the broader tech trade.
• Chip stock weakness is attributed to institutional fund-raising for the IPO, not fundamental issues.
• Memory stocks and the semiconductor index held above Friday lows, indicating charts are not broken.
• He remains bullish: the dip is buying and tech will continue to lead the uptrend.
• A mid-year pullback is expected, driven by Fed policy testing, lockup expirations, and additional supply.
• Lee takes a contrarian view, rejecting the idea that the SpaceX IPO marks a market top.