**[Tom Lee: The Scarcity of "Human" in the AI Era is Becoming a Core Pricing Factor in Investments, Heavy Position in Robinhood Due to Optimism About Vlad Tenev]** BlockBeats News, August 16 — Tom Lee, Chairman of BitMine, the largest treasury company on Ethereum, shared a key insight during an interview: In the AI and high-growth sectors, the vision and leadership of founders have become the true differentiating competitive advantage, outweighing the importance of technology itself. The sense of direction possessed by truly top-tier founders cannot be replaced by AI. Sam Altman would never ask ChatGPT, "What should I do?" The same applies to Anthropic's founder and Elon Musk. OpenAI exists because of Sam Altman himself, not because of passively inputting questions for AI to answer. Tom Lee believes this is the real differentiator—founders' foresight and judgment cannot be replicated by AI, even though models can be open-sourced and technology can be caught up with. Within this framework, Tom Lee categorizes Robinhood CEO Vlad Tenev as part of the same "founder vision-driven" type. Robinhood is addressing a market with retail trading, next-generation investors, and fintech penetration, all of which are growing at rates far exceeding the overall economy. Vlad's leadership and vision are critical to whether the company can seize these opportunities. One of the key reasons Tom Lee's Fundstrat has a heavy position in Robinhood is Vlad Tenev himself—not merely based on valuation or short-term data, but on the recognition of the founder's long-term vision and execution capabilities. In the investment framework of the AI era, the scarcity of "human" is becoming a core pricing factor. [Original Link]