Tom Lee: As AI “bottleneck” stocks pull back, capital has started to shift toward downstream assets such as Ethereum

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Deep Tide TechFlow news, July 17, Tom Lee said that as AI “bottleneck”-related stocks adjust, AI downstream assets are strengthening. Related names include SMH, DRAM, MAGS, IGV, as well as ETHA related to AI downstream and Ethereum ETH. He noted that over the past month, Ethereum has outperformed DRAM by about 5,500 basis points, or 55%.

Tom Lee believes that market visibility for Ethereum in the second half of 2026 is improving. Robinhood Chain has become a standout success story, and at the same time Wall Street is seriously pushing forward the tokenization process. He also said that Ethereum is a key component of the AI downstream narrative because AI development needs “guardrail” mechanisms, and consumers are unlikely to trust governments, large tech companies, or banks to take on the protective responsibilities. In addition, he said that current crypto shorts are “rage-quitting at the bottom.”

ETH-1.51%
SMH-1.83%
DRAM1.24%
HOOD-5.50%
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