Tom Lee says blockchain and AI could turn JPMorgan and Goldman Sachs into next Mag 7

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According to Tom Lee, banks stand to be major beneficiaries of both artificial intelligence and blockchain technology.
Lee suggested that banks like JPMorgan and Goldman Sachs could be the next Mag 7.

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Major financial institutions could see margin expansion by adopting artificial intelligence (AI) and blockchain technologies, said Fundstrat’s Tom Lee in a recent interview with CNBC. He suggested that tech-forward banks like JPMorgan and Goldman Sachs could become the next Magnificent Seven-style leaders.

“Financial services companies are really big beneficiaries of AI, and they’re big beneficiaries of using blockchain technology. Both will allow them to reduce their employee intensity of their business,” Lee noted. “I think the large tech-forward banks are going to start to see margin expansion and trade more like tech stocks in the future.”

Lee expects a more dovish Fed to help business confidence recover, with the ISM manufacturing index potentially moving back above 50. He believes that could create tailwinds for traditional cyclical sectors like industrials, energy, and basic materials.

The strategist previously stated that when the ISM exceeds 50, it historically correlates with strong growth cycles in Bitcoin and Ethereum.

As for the short-term picture, Lee restated his bullish stance for early 2026, noting that the stretch from the last week of the year into the first days of January has typically produced stronger-than-usual returns.