Tom Lee Says Today's AI Boom Isn't Another Enron Moment

Asked about off-balance-sheet financing and private credit risks, Tom Lee compared today's AI buildout to the dot-com and fiber boom, saying it is not another Enron moment.
He noted the 1990s fiber boom relied on companies creating large contractual revenue through IRUs and revenue swaps, whereas today's AI spending is led by "Magnificent Seven" companies with sizable moats, high profit margins, and strong returns on capital. He added that those companies have already delivered trillions in shareholder returns and are now investing to build a new moat around AI.