According to Tom Lee, Fundstrat co-founder and Bitmine chairman, the AI stock selloff has reached its bottom, citing tight supply constraints and crypto's limited reaction to the Binance security breach as evidence. Speaking on CNBC's Squawk Box on Friday, Lee argued that the market for AI infrastructure remains supply-constrained rather than overcapacity, suggesting much of the selling pressure may have already passed. He pointed to Bitcoin's relatively modest 4% decline following the breach as a sign that investors have already completed most of their risk reduction. However, strong AI demand has not prevented earnings challenges; Intel's shares plunged 27% on Friday after guiding below expectations despite data center revenue rising 78% year-over-year, constrained by manufacturing limitations. U.S. spot Bitcoin ETFs also recorded their largest daily outflow of October at $643.2 million on Friday.
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