Tom Lee: Tech giant bear market ends, but other sectors may face 'rolling bear market' According to BlockBeats, on May 27th, Fundstrat research director Tom Lee stated that although the "tech seven giants" have overcome their decline, overall market risks have not been relieved, and other sectors may gradually enter a "rolling bear market" later in 2026. He believes that the demand for AI remains strong and will support the resilience of major indices until the end of the year, but internal market differentiation will intensify. He stated in a CNBC interview that the bear market for the tech seven giants and software sector has ended, but emphasized that this does not represent the overall market. Lee pointed out three potential disruptive factors: fluctuations in the midterm election cycle, selling pressure after the expiration of the IPO lock up period for technology companies, and tight energy supply. Among them, he regards energy as the most direct risk and warns that "the time for liquidation is coming: there is a shortage of petroleum product inventory that cannot be alleviated in the short term", putting pressure on energy dependent companies. He still believes in the core support of the US economy - energy independence and AI productivity improvement, and suggests that investors focus on directions with strong profit certainty, stating that 'the real strength lies in companies that control scarce resources'. He mentioned that there are signs of overheating in the semiconductor sector, but in the short term, the capital momentum is still biased towards AI suppliers and technology leaders, while other industries may gradually enter the adjustment stage. [Original link]