Tom Lee "This cycle will be bigger than the previous one" - How Wall Street sees Korean equities. In the past, there were few access methods besides a few ETFs. But the AI boom changed things. When a US investor says "I want exposure to AI," they naturally think of Nvidia, TSMC, Mag7, and Samsung and SK Hynix. Korea is perceived as the center of the AI trade. - Non-semiconductor Korean sectors. Industrials, shipbuilding, defense. In the US there is HANA ETF (KDEF) with good performance. Korea is both a US supplier and a key manufacturing partner across Asia. - Ethereum's $60K forecast has reasoning. Ethereum is currently the most widely used chain for tokenization and maintains 100% utilization. Block size and speed improvement roadmap exist. - In the last two major bull markets, Ethereum rallied 17x to 60x. Based on a previous all-time high of $5,000, even 10x gets to $50K, and beyond is possible. 6+ months since end of June, it's the best performer among majors, surpassing Solana, etc. - AI tailwinds will come to crypto. "Because AI stocks do well, crypto doesn't" is a misconception. What worked in 2026 wasn't just AI stocks but downstream stories. Mag7, software, cybersecurity, and crypto. - Why is crypto a downstream of AI? Two roles. 1) Maintain human in the loop. There are already many cases of AI breaking free from the lab and breaking rules, sending emails instead. Smart contracts can enforce via code. 2) Payment system. AI will start using digital money. AI agents won't use a Visa card. - After the Clarity bill collapsed, crypto prices actually rose more dramatically. The reason: 90% of necessary regulation can be achieved through CFTC and SEC rulemaking without Clarity. The bill just designates responsible agencies. And if the bill passes before the midterms, it becomes "Trump's bill," so Democrats won't support it. Political reasons, not crypto rejection. - Downside risk is quantum risk and deleveraging events. - Every bull market had a driver. 2016 ICO boom, 2019–2021 NFT boom, last year stablecoin adoption. Next will be tokenization and AI agent economy. - Tokenization scale logic. Converting dollars, stocks, bonds, real estate into digital. BlackRock, Robinhood, Revolut, Fidelity all entered. Since 2017, the ratio of asset value to network value on blockchain has
