Tom Lee Sees S&P 500 Rising Above 8,000 by Year-End as AI Theme Holds Strong

BitMine Chairman Tom Lee said the S&P 500 could climb above 8,000 by the end of the year, citing continued strength in the artificial intelligence investment theme.

In an interview with CNBC, Lee outlined a three-stage path for the benchmark index, saying it could first rise to around 7,700 before pulling back by a typical 10% to 15%. He expects the correction to be followed by a renewed rally that would push the S&P 500 above the 8,000 mark by year-end. 

Lee also commented on the recent weakness in precious metals, saying the declines in gold and silver likely reflect profit-taking by long-term investors following their strong gains. He added that both metals had moved beyond their traditional role as stores of value and were increasingly traded like risk assets, making them more susceptible to selling after their recent rally.

Source: CNBC