Fundstrat’s Tom Lee: AI Is a Once in a Lifetime Story – Why Easing Inflation in H2 2026 Could Fuel the Next Rally Quick Read – Despite NVDA’s 85% revenue growth and MSFT’s 123% AI revenue surge, both stocks underperform as hyperscalers are revalued toward lower industrial…
ltiples. – Micron trades at just 6x forward earnings after a 232% YTD run, but SK Hynix’s U.S. debut tomorrow may trigger capital rotation away from the stock. – Tom Lee’s disinflation thesis gets a data point: WTI crude has dropped 26% to $70, lifting defensive plays like JNJ up 29% YTD. – Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Microsoft didn’t make the cut. Grab the names FREE today
Fundstrat’s Tom Lee returned to CNBC’s Morning Call Sheet on Thursday, July 9, alongside JonesTrading’s Mike O’Rourke and Vital Knowledge’s Adam Crisafulli, to discuss a market that is simultaneously celebrating the AI build-out while rotating into value and defensive names. Lee argued: “AI is probably one of the most important structural stories in our lifetime.” He paired that with a second observation that inflation could ease in the back half of 2026: “I think inflation pressures are actually easing. And I think there’s a lot of companies and groups that are going to benefit from that.” The disinflation backdrop supports his thesis.
Core PCE was 3.41% year over year in May 2026, and WTI crude has dropped to $72.08 per barrel, down roughly 9.96% over the past month from an April spike to $114.58. NVIDIA: Why the AI Infrastructure Boom Is Far From Over NVIDIA (NASDAQ:NVDA) remains the clearest embodiment of Lee’s structural call. Q1 FY2027 revenue reached $81.615 billion, up 85.23% year over year, with Data Center at $75.246 billion and networking growing 199%.