Tom Lee: AI Shift to Downstream Could Benefit ETH

Lee's argument rests less on ETH's technical merits than on a rotation thesis: capital and attention moving from infrastructure to applications would naturally favor the settlement layer those applications run on. That framing matters because it ties ETH's demand case to AI narrative flows rather than to its own roadmap, leaving it exposed if the downstream trade doesn't materialize. Whether ETH actually captures value from AI-adjacent activity, or merely absorbs speculative spillover, is the open question.