Tom Lee, chairman of Bitmine and co-founder of Fundstrat, said the S&P 500 index is on track to reach the 7,900-8,000 range in August, implying a maximum gain of about 3.6% from Wednesday's close.
Lee attributed the expected advance to strong technical momentum, accelerating corporate earnings and broadening participation in the rally. He continues to favor semiconductor, software, ethereum and the "Magnificent Seven" tech stocks, arguing that artificial intelligence-driven earnings growth will improve market expectations for 2027 corporate profits.
With AI-related investment boosting efficiency and profit margins, Lee said the market could further raise its earnings estimates, underpinning the equity advance.
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