[Tom Lee: We are in a misunderstood super cycle]

In the past three years, the S&P 500 has soared over 80%, yet the mainstream has been consistently bearish. From "yield curve inversion → recession warning", to "stagflation reappearing", and then to "the end of the Fed's tightening"...
The result? The Air Force was slapped in the face wave after wave.
Fundstrat's legendary analyst Tom Lee remains firmly bullish—he believes that:
We are not at the end of a bubble, but at the beginning of a misunderstood super cycle.
This bull market may continue all the way to the 2040s! 🚀
Where did 90% of analysts go wrong?
Tom Lee pointed out two core misjudgments:
1️⃣ Don't be too superstitious about the inverted yield curve. This inversion is not a signal of recession, but rather an illusion caused by short-term inflation pushing up short-term interest rates.
2️⃣ Misusing the 70s template. The US currently does not have stagflation conditions: labor is cooling down, the housing market is weakening, PCE is only 3.2%, and companies are still steadily generating income.
Supercycle Dual Engine
1️⃣ Millennials enter their peak spending age (30–45 years), bringing 20 years of growth dividends.
2️⃣ Global labor shortage → The fundamental driver of the rise of AI.
History tells us: every time there is a labor shortage, technology will experience a boom.📈
Now, AI is replaying the prosperity scripts of the 1940s to 1960s and the 1990s.
AI ≠ Internet Bubble 2.0
The 1990s was the optical fiber craze of "overproduction."
Today's AI is a GPU revolution of "exploding demand."
NVIDIA's chips are operating at nearly 100% capacity, and demand exceeds supply.
AI is not about stacking hardware, but about reshaping the boundaries of productivity.
Capital expenditure has just begun, the cycle is still early.
Year-end market: S&P 7000 is not a dream
Tom Lee directly stated: by the end of the year, the S&P 500 could reach 7000–7500 points.
Because:
Most fund managers are under-allocated and lagging in performance, being forced to chase gains.
The Federal Reserve will begin its interest rate cut cycle in December.
The three major fires will be ignited:
🔥 The AI sector is making another push.
🔥 Financial stocks and small-cap stocks make a comeback
🔥 Cryptocurrency Major Rebound
He is particularly optimistic about Ethereum (ETH):
👉 "Stablecoins and gold tokenization are fully migrating to Ethereum, and Wall Street giants are entering the market."
Tom Lee predicts that ETH could reach $9,000–$12,000 by the end of the year to early next year! 🚀
📊 Conclusion:
This is not a bubble; it is a turning point of an era.
AI × Crypto → New super cycle initiated.
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