Speaker · Updated
Tony Wang: latest market views
T. Rowe Price
Summary
Tony (Anthony) Wang is the portfolio manager of the T. Rowe Price Global Science and Technology Fund, who joined the firm in 2017 and became the fund's sole portfolio manager in 2024.
Chorus has 8 views from Tony Wang across 2 episodes on CNBC Closing Bell since October 21, 2026. Their latest calls: bullish on Alphabet.
Where they stand
Their latest bullish or bearish call on each company.
- AlphabetBullish ·
What they talk about most
The latest views
Newest first. Every quote is checked against the episode's transcript.
AI infrastructure & data centers
AI demand remains strong, but spenders must beat and show ROI as the cycle matures.
Tony says the market is in a later stage of the cycle, with many crosscurrents. Demand for AI continues to be really strong, and cloud players are seeing good signals. Because companies are spending a lot, they must beat and impress to show returns and confirm ROI. When they fail to do so, narratives about competition or macro concerns creep in, which is what he thinks the market is wrestling with.
“So we're definitely later on in the cycle. At the same time, demand for AI continues to be really strong and the cloud players are seeing really good signals.”at 5:44
AlphabetBullish
Google's search users are sticky, so AI search should monetize well over the long term.
Responding to concerns that AI queries cost more to serve and monetize less clearly than traditional search, Tony says Google has many levers to pull in its ecosystem. He says users are pretty sticky and that AI Mode is a different search format that gives more signals. He says Google can tinker and experiment, and that as long as users stay engaged, the company will figure it out. He expects the format to monetize well over the long term. Alphabet is among the top 10 holdings of his fund, which the host stated on air.
“Google has, like, a lot of different levers to pull in their ecosystem. And I think that the users are pretty sticky... I think over the long term, that should monetize well.”at 8:02
Semiconductors are an area where he wants offensive exposure, because fundamentals are improving and multiples can expand.
Tony says some areas have second-derivative acceleration, where fundamentals are improving and the multiple can expand. These are the earliest areas to look at for a bargain after the selloff. He says a well-constructed portfolio should have some offense in semiconductors. He stays brief and does not give a specific data point.
“there's some areas where you wanna have it... the fundamentals are improving, the multiple can expand... in addition to having some offense here with with semis.”at 8:57
Enterprise AI adoption & AI software
Enterprise AI adoption is the next leg of the AI trade because the area is still under-penetrated.
AI spending has flowed through different parts of the ecosystem so far. Tony argues the next leg is probably enterprise adoption because that area is still pretty under-penetrated. He says companies that help enable enterprise adoption will benefit. He stresses the data layer as critical because companies must get their data ready before they can apply LLMs. He adds that the intelligence already exists and the remaining work is integration, or the plumbing.
“I think that what the next leg is, is probably enterprise adoption. I think that area is still pretty under penetrated.”at 10:12
Robotics & autonomous vehicles
Physical AI is an interesting area whose adoption curves are early but inevitable.
Tony says physical AI is out there a bit more than enterprise adoption but is still a very interesting area. He says its adoption curves are earlier in the process, though he thinks they are inevitable. He cites no specific metric, so the view is brief.
“physical AI is probably like out there a little bit more, but still like a very interesting area where the [adoption] curves are earlier, but I think are inevitable essentially.”at 10:12
Meta PlatformsUncertain
Muse is a massive opportunity, but Meta must show how new businesses and transaction revenue will pay off.
Wang calls Muse usage very impressive and the first way for consumers to have agentic AI on their devices. He sees it as a massive opportunity. But he says the market needs to know how it will pay off in new businesses and markets. Usage and attention are the key, and the installed base is a big asset, but Meta must now take a piece of transactions it could not capture before. He says the company must keep current businesses accelerating, including operating profit, and convince investors that AI commerce works. He describes this as a 'show me the money' phase given costs like memory inflation, data center construction and financing.
“And so to me, I think it's a massive opportunity, but at the same time, I think we need to know like how this is gonna pay off in the new businesses and the new markets that Mark can create.”at 34:12
CNBC Closing Bell: Big Tech Earnings Put the Rally to the Test 10/21/26 ·
AI infrastructure & data centers
AI compute demand is strong, but current pricing may not hold once new capacity arrives; economics must be proven.
Wang lays out the bull and bear cases. Bulls see tremendous demand. Bears say the economics have not been proven, because demand is strong but the market may be capitalizing pricing that is too strong, especially once new capacity comes online. He argues the answer depends on end demand and on whether new products justify it. He says that, until the existing businesses of frontier labs and capex spenders like Meta and Google show strong revenue acceleration and the market believes in the new markets they open, the evidence is hard to call. Capital markets are tightening, so the next few quarters are critical.
“I think the bears would say that, we have to see how the economics prove out. Because right now, demand dynamics are strong, but you're also capitalizing perhaps pricing that's too strong, especially once new capacity hits the market.”at 35:08
CNBC Closing Bell: Big Tech Earnings Put the Rally to the Test 10/21/26 ·
AgenTekUncertain
AgenTek must let its AI agents take a share of transactions to monetize usage.
He says AgenTek needs to be able to take a piece of the transaction on a go-forward basis, in a way it couldn't before. He argues agents can do things people could never do because their time is constrained. Delivering that capability is what he is looking for from the company. The segment is partial, so the case is thin and the monetization outcome is not yet proven.
“they need to be able to take a piece of the transaction, you know, on a go forward in in a way that they weren't able to to do before.”at 37:17
CNBC Closing Bell: Big Tech Earnings Put the Rally to the Test 10/21/26 ·
Shows
- CNBC Closing Bell · 2 episodes
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Chorus reports what speakers said. It isn't investment advice.