Tom Lee has suggested that blockchain technology, alongside AI, could significantly alter the valuation models of major banks. He specifically mentioned JPMorgan, proposing that a blockchain upgrade could reduce its workforce from 313,000 to 20,000, transitioning the bank's operations to a more software-centric model. This shift would replace labor costs with technology investments, potentially enabling banks to achieve higher earnings multiples, akin to the transformations seen in companies like Walmart and Costco after their operational streamlining.