[Tom Lee: NVIDIA's Valuation Remains Low, Weakness in Some AI Stocks May Be Due to Funds Shifting to NVIDIA] BlockBeats News, August 30, BitMine Chairman Tom Lee stated on CNBC that NVIDIA's stock price surged after reporting strong earnings, breaking the previous trend where positive earnings reports failed to drive stock prices higher. This indicates that investors still value the company's fundamentals. The simultaneous strength in software stocks like Salesforce, CrowdStrike, and Okta also reflects a positive market response to AI downstream trading, suggesting a relatively healthy overall market reaction. Regarding the underperformance of AI-related stocks such as Meta, Amazon, Alphabet, AMD, and Micron, Tom Lee believes that some investors who were previously underweight on NVIDIA may need to sell other tech stocks to raise funds for increasing their NVIDIA holdings. He pointed out that NVIDIA's earnings expectations have been significantly revised upward, but its stock price has not fully caught up, and its price-to-earnings ratio is still contracting, indicating that its current valuation remains low. Tom Lee also mentioned that data center construction is gradually becoming a political issue in the U.S. midterm elections. Even some Republican-governed states and states that support data center development are beginning to consider halting related projects. This could be one of the reasons why AI infrastructure-related stocks have recently underperformed, with more funds shifting toward AI downstream targets. [Original Link]