Tom Lee just outlined the three phases of the market heading into 2026: 1. Now - Late Summer - S&P 500 could reach 7700-7800 points - AI and growth stocks continue to lead the rally - Bull market remains intact 2. September - October - A 'sudden shift' in market conditions - Could feel like a bear market correction - IPOs from Anthropic and OpenAI - New stock supply equivalent to about 5-6% of S&P 500 market cap - Risks from energy and Fed transitions 3. Late 2026 - Strong recovery after adjustments - Could be one of the strongest periods in decades - AI, productivity gains, and economic growth driving the next wave up