T. Rowe Price's Tony Wang talks how T. Rowe price is playing volatile Big Tech stocks
Speakers
Tony Wang
— Portfolio Manager, T. Rowe Price
Summary
Tony Wang, portfolio manager of the T. Rowe Price Science and Technology Fund, discusses how he is navigating volatile Big Tech and AI stocks. He remains focused on continued AI adoption, especially agentic AI, and sees opportunity in bottleneck areas of the semiconductor supply chain. He is long-term positive on Nvidia despite valuation and margin concerns, and within software he prefers true platform companies over feature-only businesses.
- Tony Wang runs the T. Rowe Price Science and Technology Fund.
- He sees agentic AI adoption as the key AI investing driver.
- He expects semiconductor supply-chain bottlenecks to capture value.
- He remains positive on Nvidia long term despite recent rangebound trading.
- He says AI coding lowers software development costs.
- He favors platform software over feature software.
- The interview covers 2026 ROIC clarity and AI productivity implications.
Ideas
Agentic AI adoption benefits broad companies.
The key driver for AI investing is continued adoption, especially agentic AI and digital labor that can automate work and ultimately benefit a broad set of companies; he is excited about this long-term theme.
AI semiconductor bottlenecks can capture value.
As AI adoption increases, new leaders and earlier-stage companies may emerge, especially in the semiconductor supply chain where different bottleneck areas can capture value and show more growth.
Nvidia remains long-term attractive despite rotation.
Nvidia's earnings have grown substantially while the stock has traded in a tight range, leaving valuation relatively inexpensive; although gross-margin concerns, custom-ASIC competition, and rotation within semis have weighed on it, the stock becomes interesting at certain valuation levels and he still likes the company long term, especially with its new generation.
Favor platform software over features.
In software, generative AI and coding agents have sharply lowered the cost of developing software, making feature-only companies easy to disrupt; he prefers to tilt toward true platform companies that can be the ultimate platform for generative AI rather than point features.
Favor platform software over features.
In software, generative AI and coding agents have sharply lowered the cost of developing software, making feature-only companies easy to disrupt; he prefers to tilt toward true platform companies that can be the ultimate platform for generative AI rather than point features.
