Tom Lee, co-founder of Fundstrat and chairman of Bitmine, believes the artificial intelligence stock selloff has reached its bottom because demand continues to exceed supply. He argues that the crypto market’s relatively limited reaction to the Binance hack indicates that many investors have already sold their positions. Intel’s plunge nevertheless illustrates that strong artificial intelligence demand can coexist with disappointing revenue forecasts and manufacturing constraints. On the same day, Bitcoin fell about 4%, while spot Bitcoin exchange-traded funds recorded $643.2 million in outflows.
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