Tom Lee: AI Selloff Driven by SpaceX Capital Raise

Fundstrat’s Tom Lee said the recent AI stock selloff reflects a pause after a strong rally rather than the start of a broader market correction. Speaking to CNBC, Lee argued that a major factor is SpaceX’s need to raise $75 billion, prompting investors to sell winning positions to free up capital. He said current weakness appears temporary, but he expects markets to face a more significant downturn later this year that could resemble a bear market.