Tom Lee, head of research at Fundstrat, believes technology stocks bottomed last week despite the sharp correction in the Nasdaq 100. He says Nvidia CEO Jensen Huang’s departure following reports of extramarital affairs, including one involving an alleged Chinese spy, does not change that view. Investors are also weighing concerns about the sustainability of the artificial intelligence expansion, rising borrowing costs and increased scrutiny from an incoming Democratic-controlled Congress. The Nasdaq 100 stands 9.5% below its intraday record from October and has fallen more than 7% over the past month. Lee expects selling pressure to ease and sees an opportunity to add exposure to the sector, even though Nvidia shares dropped 10% on Thursday.
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