Tom Lee: Chip stock sell-off mainly driven by fund reallocation ahead of SpaceX IPO On June 10, 2026, Fundstrat Managing Partner Tom Lee @fundstrat stated in an interview with CNBC that the recent sell-off in chip stocks is primarily due to institutions taking profits early to raise cash for the $75 billion SpaceX IPO. He described this as a healthy fund reallocation, noting that related charts have not completely broken down. In response to the narrative that 'SpaceX will peak right after its IPO,' Tom Lee, as a contrarian investor, disagreed and suggested that the current pullback is an excellent buying opportunity. Looking ahead to the market after 2026, he believes the overall market remains in a strong upward trajectory, though the second half of the year may face pullback pressures due to the policy path testing of the new Federal Reserve Chair Kevin Warsh, the end of major IPO lock-up periods, and potential energy shortages. Source: CNBC