Inside T. Rowe Price: Markets, AI & the Future of Investing | The Close 8/31/2026

Watch on YouTube ↗  |  August 31, 2026 at 21:59  |  1:31:23  |  Bloomberg Markets
Speakers
Sebastien Page — CIO & Head of Global Multi-Asset, T. Rowe Price
Jodi Love — Portfolio Manager, T. Rowe Price
Ed Ludlow — Co-Host, Bloomberg Technology
Blerina Uruçi — Chief U.S. Economist, T. Rowe Price
Emily Graffeo — Anchor, Bloomberg
Rob Sharps — Chair and CEO, T. Rowe Price Group, Inc.
Dee Sawyer — Head of Global Distribution, T. Rowe Price

Summary

Bloomberg's The Close broadcasts from T. Rowe Price's Baltimore headquarters. CIO Sebastien Page argues markets are broadening, AI capex remains strong, and the firm is modestly overweight stocks while cautioning on extreme momentum and long-duration Treasuries. Chief U.S. Economist Blerina Uruçi sees a near-50-50 September Fed hike and more rate volatility. Other segments cover T. Rowe Price's active ETF and distribution strategy, plus market moves in Nvidia-MediaTek, Tesla, CrowdStrike, Deere and PG&E.

  • Sebastien Page says markets continue to broaden and AI momentum is rotating through bottlenecks.
  • He sees roughly $3 trillion in AI spending and remains modestly overweight equities.
  • He warns momentum chasing is unattractive after a sharp reversal.
  • He thinks long Treasury yields may not fully reflect inflation risk.
  • Blerina Uruçi puts the September Fed hike odds at 50-50 and expects more rate volatility.
  • Jodi Love says the small/mid-cap rally still has legs and favors active ETF differentiation.
  • Ed Ludlow analyzes how Nvidia benefits from custom silicon via the MediaTek partnership.
  • Rob Sharps and Dee Sawyer discuss T. Rowe Price's shift toward fixed income, active ETFs, alternatives and retirement.
Ideas
Sebastien Page CIO & Head of Global Multi-Asset, T. Rowe Price 4:39
Chasing momentum now is unattractive
The momentum factor had an extreme run, then reversed sharply in July; chasing last year's top performers after the fact does not make money, and momentum is now unattractive even though current momentum companies have stronger fundamentals than the dot-com era.
MTUM MED
Sebastien Page CIO & Head of Global Multi-Asset, T. Rowe Price 5:38
Small-cap AI component winners broadening
Momentum is rotating along AI bottlenecks from compute to memory, cooling, the electrical grid and components; small-cap companies that own a key 'golden component' can become huge outperformers as the AI trade and economy broaden.
IWM MED
Sebastien Page CIO & Head of Global Multi-Asset, T. Rowe Price 6:43
AI capex and Nvidia revenue growth intact
Custom silicon and XPU/TPU adoption are already arriving, but Nvidia's MediaTek partnership lets custom accelerators plug into Nvidia's data center networking, memory and architecture, so Nvidia benefits even if growth shifts away from its own GPU systems, effectively having it both ways.
NVDA HIGH
Sebastien Page CIO & Head of Global Multi-Asset, T. Rowe Price 9:18
Stocks remain modestly overweight
Despite expensive traditional valuations, strong AI-driven productivity, solid economics and strong earnings mean T. Rowe Price remains modestly overweight stocks.
SPY HIGH
Sebastien Page CIO & Head of Global Multi-Asset, T. Rowe Price 11:22
Long Treasury yields may rise
Markets are underestimating inflation risk in long rates: breakevens have not moved much, but oil prices and long Treasury yields are highly correlated at a 90th percentile level, suggesting long-duration Treasuries are vulnerable to inflation and deficit concerns.
U.S. long-duration Treasuries MED
Jodi Love Portfolio Manager, T. Rowe Price 38:09
Small-mid rally still has legs
Despite a more hawkish Fed and possible rising rates, small/mid-cap strength still has legs because active managers can lean into financially self-sufficient companies with strong balance sheets, pricing power and resilient revenues rather than highly leveraged rate-sensitive names.
RTY HIGH
Jodi Love Portfolio Manager, T. Rowe Price 39:03
TGRT can outperform concentrated benchmark
Deep concentration in large-cap growth gives active management a chance to differentiate; TGRT's top five holdings differ from the benchmark and include a biotech name and Mastercard, with selection based on valuations, earnings, free cash flow and durability of growth.
TGRT HIGH
Jodi Love Portfolio Manager, T. Rowe Price 39:16
Mastercard can outperform top benchmark names
Mastercard is a top-five position in TGRT because the team has a differentiated thesis and believes it can outperform some of the Magnificent Seven and highly concentrated benchmark names.
MA LOW
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This Bloomberg Markets video, published August 31, 2026, features Sebastien Page, Jodi Love discussing MTUM, IWM, NVDA, SPY, U.S. long-duration Treasuries, RTY, TGRT, MA. 8 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Sebastien Page, Jodi Love  · Tickers: MTUM, IWM, NVDA, SPY, U.S. long-duration Treasuries, RTY, TGRT, MA