Tom Lee and a JPMorgan Manager Call the AI Rout Normal: Will Nasdaq Rally 15%?

Fundstrat’s Tom Lee said on Friday he would buy the recent AI stock decline and predicted a 15% Nasdaq rally, after the Nasdaq-100 fell 6.36% on Thursday and lost $2.3 trillion in value. Lee, who also chairs Ethereum treasury firm BitMine, blamed the selloff on fears that a Democratic congressional sweep would curb AI spending and argued Democrats may delay but not stop data-center investment. Jack Caffrey, a JPMorgan Asset Management equity portfolio manager, separately called the drop normal, saying the Nasdaq typically has one or two corrections a year and that companies he met that week reported 12- to 24-month order backlogs.