A portfolio manager at one of the world’s largest asset firms unveils the next stage of AI adoption that could spark the next growth phase for Mag 7 names.
In a new CNBC interview, T. Rowe Price portfolio manager Tony Wang says the AI race is moving beyond model performance and into product execution, with emerging agentic systems expected to reshape consumer behavior and enterprise workflows.
He says the next AI wave is one defined by automation that understands context and makes decisions, rather than simply responding to prompts.
“I think that what matters going forward is agentic AI, and essentially, you know, just not me and you using ChatGPT, but agents that can execute on decision making and have your context of what’s going on. I think that’s going to be the really big unlock.”
Wang points to real-world feature rollouts across Mag 7 platforms and highlights consumer-facing deployment as a key catalyst. He says the sustainability of AI investment cycles will hinge on economics, not hype, underscoring investor focus on whether agent-driven software proves self-funding.
“I mean, you think about what Amazon talked about on their call, agentic shopping, for example. I think that could be really big. I mean, Microsoft in the Office, like having kind of Copilots that actually are really effective. And then the unit economics of it, like make sure it’s self-sustaining and so that, you know, these are like positive ROI investments. I think that is what really is going to matter for AI investing to continue.”
Looking at Apple, Wang notes that the tech giant’s ownership of the iPhone and its massive consumer base may matter more than competing directly in foundational models.
“I do think that what matters is that consumers are accessing AI mostly through their iPhone. And as long as Apple is able to keep that within their ecosystem, I’m not sure if they need to necessarily own a foundational model like ChatGPT, as long as they can leverage that like they have in Google search.”
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