Tom Lee: S&P is in process of rerating and multiples will move higher

Market Sentiment and Consolidation - The market is consolidating after gaining 28% from the April lows, digesting those gains [1] - August is typically a period of lower liquidity, contributing to market consolidation [2] - The market is in a wait-and-see period, awaiting the Federal Reserve's interest rate decision in September [2] - Investor sentiment is cautiously optimistic, with many having missed reloading on stocks after selling during the April downturn [3][4] Valuation and Earnings - Fundamental investors are using valuation as an anchor, despite the market facing multiple stress tests in recent years [6] - S&P earnings have grown despite significant economic challenges, suggesting a potential rerating of the S&P [6][7] - The market's multiples may continue to drift higher [7] Speculative Stocks and IPOs - The limited number of IPOs in recent years has created scarcity, driving up the prices of newly listed stocks [9] - Bitmine's value can be assessed based on its Ethereum holdings, which have increased significantly [10] - Bitmine's Ethereum holdings have increased from $4 per share to over $25 per share [10]