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IrelandTom Lee sees an AI opening where electricity is cheaper
His CNBC interview argues that obstacles to American data-center construction could shift investment elsewhere, rather than end the AI buildout.
CNBC Television
Story of Why this story? The video opened at a pace of 374,467 views a day, 29 times a normal first day on this channel (12,866).
Tom Lee: AI slowdown could be a boon for states that embrace it or for countries with lower power
Things we can learn from the video
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- 0:36Lee attributes the sell-off to policy shocks, political rhetoric and overnight hedge-fund liquidations.
- 1:27He argues AI demand remains strong, with investment potentially shifting toward welcoming states or countries with cheaper electricity.
- 3:00Lee calls September's rate hike a mistake and suggests employment risks could prompt Federal Reserve support.
- 3:50Retrofitting industrial plants into data centers is his example of companies adapting to construction obstacles.
- 4:25Asked whether he would buy, Lee cites previous sharp declines followed by rapid recoveries.
Tom Lee wasn't expecting this sell-off. "No, not expecting it at all," the Fundstrat research chief tells CNBC's Closing Bell as the host describes stocks hitting session lows.
His explanation separates two things investors might be treating as one: demand for AI and the ability to build the infrastructure it needs. Lee argues that companies are still discovering uses for AI and benefiting from it. If construction slows in some American states, he says, states willing to accommodate it, or countries offering cheaper electricity, could pick up the investment.
That is a more specific argument than the year-end optimism Lee offered earlier, as we reported here. Faced with a sharp decline in technology and semiconductor stocks, he is asking whether obstacles to building data centers justify such a large markdown in the companies involved. His answer is no.
The interview drew about 155,000 views in seven hours, far ahead of CNBC Television's usual opening pace for regular videos. Its comment section was already more than ten times the channel's usual full first day, with viewers returning to Lee's optimism and his familiar expectation of a V-shaped recovery.
CNBC's other unusually busy interviews also circle the AI question: Larry Adam discusses the technology-stock plunge, while Jessica Lessin examines whether scarce computing capacity favors Big Tech.
Lee attributes part of the market drop to post-election policy uncertainty and forced selling by hedge funds. But his practical example of how businesses could adapt is less about Washington than real estate: converting existing industrial plants into data centers rather than starting every project from scratch.
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- Channel
- CNBC Television
- Subscribers
- 3,420,000 ▲ 10,000 this week
- Channel views, last 7 days
- 9,378,340
- Channel views, pace per day
- 2,033,876 (on a normal day: 961,745)
- Video published
- November 5, 2026
- Video views so far
- 155,508 (less than a day online)
- Video views, pace per day
- 374,467
The numbers
Lee's interview drew an unusually large early audience, alongside several other CNBC discussions of AI and the market sell-off.
💡 Test your knowledge
Which research firm does Tom Lee represent in this interview?
CNBC identifies Lee as Fundstrat's managing partner and head of research.