Tom Lee repeated his call for the S&P 500 to reach 8,000 by the end of August while warning that a 10% pullback could still follow and may even be healthy for the market. Speaking on CNBC after a mild July inflation report helped lift stocks to fresh records, Lee said stronger 2027 earnings expectations still support his near-term target even as market positioning and policy uncertainty leave equities vulnerable. He said 2027 earnings estimates have risen to about $410 from roughly $395 at the start of reporting season, and that a move to $425 would imply the index could approach 9,000 on a 20 times multiple. Lee said the likely turning point would come near the top of his target range, even if fundamentals remain solid. He cited four pullback risks: record margin debt, unresolved market views on Kevin Warsh's inflation framework as Fed chair, November midterm elections and continuing share unlocks at SpaceX. Other CNBC panelists were split, with Courtney Garcia of Payne Capital arguing that earnings and broader sector leadership in healthcare, financials and industrials justify current prices, while Robinhood's Stephanie Guild said easy credit often rebuilds during rallies and can set up the next sharp drawdown. The discussion also resonated in crypto markets, where Bitcoin traded near $63,062, down 0.5% over 24 hours with a market value of about $1.27 trillion, far below its own peak even as U.S. stocks hit records. Lee has argued that crypto already went through a largely unrecognized bear phase, and he remains publicly constructive on Ethereum while chairing BitMine Immersion Technologies, which holds ether as its main treasury asset.