BitMine's chairman said stronger second-quarter earnings, upbeat technical signals and reopening hopes around the Strait of Hormuz are supporting further gains in stocks, semiconductors and Ethereum.
BitMine chairman Tom Lee said the S&P 500 could climb to 7,900-8,000 in August, implying a 2.3% to 3.6% gain from Wednesday's 7,723.55 close. He argued that the market has spent the past eight to 10 weeks consolidating and that a longer bottoming period can set up a larger breakout. The index has already risen 3.1% so far in August and hit a record high, helped by strong second-quarter corporate earnings and investor expectations for an agreement to reopen the Strait of Hormuz. Lee said the Nasdaq 100 is trading above its 20-day, 50-day and 200-day moving averages, a technically constructive sign. He remains bullish on semiconductors, DRAM (dynamic random-access memory chips) and storage despite a pullback, and said those areas could recover as they did in 1997 and 1998. In his view, the current market rebound may be led by the Magnificent Seven, software and Ethereum, while improving earnings momentum is not only lifting second-quarter results above expectations but also driving upgrades to 2027 profit forecasts.