Tom Lee: AI trade still in very good shape despite questions about durability

• Fed is expected to hold rates this week; future rate cuts are likely if the balance sheet is shrunk.
• AI trade remains the most important market story and is in 'very good shape.'
• Questioning AI's longevity is a bullish sign, indicating the market is not at a top.
• Margin debt needs to work off high levels, contributing to stock stalling.

Tom Lee discusses the Federal Reserve's upcoming meeting, expecting them to hold rates and potentially shrink the balance sheet instead of hiking, which he sees as paving the way for future rate cuts. He emphasizes the AI trade as the most important market story, believing it's in good shape despite longevity doubts, which he considers a bullish sign. He also notes concerns about margin debt.