Stocks still have tailwinds through May into July, says Fundstrat's Tom Lee

• Risk-reward for stocks remains good, with tailwinds expected through May and July.
• US companies are resilient, driven by rising earnings estimates and leadership in AI, which provides a meaningful productivity lift.
• Market gains are concentrated in AI and semiconductors, primarily benefiting US companies due to the global nature of AI development.
• Higher oil prices are a negative consequence and could test the Fed later this year, but current market pullbacks are seen as buying opportunities due to cautious investor positioning.

Tom Lee of Fundstrat maintains a bullish outlook on stocks, citing strong US company resilience, rising earnings estimates, and the significant productivity lift from AI. Despite geopolitical uncertainties and potential future challenges from higher oil prices and Fed actions, he believes market pullbacks will be bought due to cautious investor positioning and a robust underlying earnings story.