Tom Lee and a JPMorgan Manager Call the AI Rout Normal: Will Nasdaq Rally 15%?
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Fundstrat's Tom Lee and a JPMorgan portfolio manager are characterizing the recent AI-led selloff as a normal correction rather than the end of the bull run, with Lee pointing to a potential 15% Nasdaq rally from current levels. The call comes after roughly $2.3 trillion in market value was erased from the Nasdaq in the AI-driven rout. The two strategists frame the pullback as a buying opportunity, arguing that the underlying AI investment cycle remains intact. What matters for markets is whether dip-buying materializes and volatility subsides, since a failure to hold recent lows would test the "normal correction" thesis. Investors will watch upcoming AI earnings and chip-sector guidance for confirmation that the drawdown was a reset rather than a regime change.
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Tom Lee, Nasdaq, JPMorgan (JPM)
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