Tom Lee: AI trading shifts downstream, ETH may become a beneficiary

DecodeMarkets cites the views of Fundstrat co-founder Tom Lee in Thursday's Macro Minute, stating that the first phase of AI trading is focused on upstream areas, including semiconductors, memory, and infrastructure, with related assets experiencing significant increases and entering a correction. The current market focus is shifting downstream, with software, application layers, and ETH beginning to receive more attention.

Tom Lee indicated that Ethereum has undergone the anticipated significant cooling, but its fundamental narrative continues to strengthen, covering stablecoins, asset tokenization, institutional adoption, and future AI agents completing transactions on-chain. Capital may be shifting from building infrastructure to holding the underlying tracks where the next wave of activity will occur, thus still in the early stages.

He pointed out that ETH prices have begun to show some performance, but market positions have not yet caught up, with most portfolios still not allocated to ETH.