Tom Lee: AI transactions go downstream, ETH may be the beneficiary

Comparing news, DecodeMarkets quoted Fundstrat co-founder Tom Lee in Macro Minute on Thursday as saying that the first phase of AI transactions focused on upstream sectors, including semiconductors, memory and infrastructure. Related targets have experienced significant increases and have entered a pullback. Currently, market focus is shifting downstream, and software, application layers, and ETH are starting to get more attention.

Tom Lee said that while Ethereum has experienced a sharp cooling as expected, its fundamental narrative continues to strengthen, covering stablecoins, asset tokenization, institutional adoption, and future AI agents to complete transactions on the chain. Capital is likely to be shifting from building infrastructure to holding the underlying track where the next wave of activity takes place, so it is still in its early stages.

He pointed out that the price of ETH has begun to show, but market positions have yet to keep up, and most portfolios are still not allocating ETH.