Fundstrat's Tom Lee advocated buying AI stocks after the selloff and predicted a 15% Nasdaq rebound in a Friday video update. The Nasdaq-100 had lost 6.36% and $2.3 trillion in market value on Thursday. JPMorgan Asset Management equity portfolio manager Jack Caffrey described the decline as normal and cited company order backlogs lasting 12 to 24 months. However, Friday's stronger-than-expected October payroll growth increased expectations of a December Federal Reserve rate hike, challenging Lee's argument that pressure to tighten had eased.