which over the same multi-year period turned $100 into about $8,865. For a true bubble to form, Nvidia would have to soar much higher from current levels, even after the stock's 323% gain from its mid-October low. "My question to you is this: If AI is about to be a bubble, I think you should be aware that a 1999 bubble is a more than ten times increase coming, so be aware," Lee said.
Other reasons Lee doesn't believe a true bubble has formed in the stock market is the fact that six of the eight mega-cap tech stocks are still trading below their all-time highs. And while"How do you get a bubble when they're [mega-cap tech stocks] not even at all time highs?" Lee asked. Finally, fund flows have overwhelmingly illustrated an investor that is actually scared of stocks, not enthusiastic about them, according to Lee. Since the end of last year, cumulative fund flows have shown investors pour $723.5 million into money market funds and $145.6 million into bonds, while investors pulled $115.1 million out of stocks.
"There's not a real definition of a bubble... My definition of a bubble is... when your neighbor is making money on a stock [and you are not]," Lee said."I do think it's very subjective."