Tom Lee, in a recent CNBC interview, projected that the S&P 500 could climb to 7,700 by the end of the year. Despite U.S. stock markets hitting record highs, Lee highlighted that valuations of leading stocks, especially in AI and semiconductors, remain attractive. He noted that the forward P/E ratio for these sectors is around 22, well below the historical peak of the last two decades. With explosive demand in these industries, Lee sees significant upside potential for the market.