Lee: Big Banks Must Embrace Tech-Style Valuations Amid AI Revolution
Tom Lee, Chairman of Bitmine Immersion Technologies Inc., believes that big banks should be valued like tech companies due to the impact of AI and blockchain on their industry. He stated that financial firms are not ready for a world where robots make tiny payments facilitated by AI agents, as it increases the risk of fraud.
Lee added that much of the new financial infrastructure will be built on blockchains, which makes crypto a 'huge winner' eventually. The best financial firms will turn into tech stocks, and their price-to-earnings multiples should rise accordingly.
Wedbush analyst Dan Ives called the global AI buildout a 'two-horse race' between the U.S. and China. He pointed to companies building out data centers, with utility and energy firms among the biggest winners.