Trillion-dollar asset manager T. Rowe Price says the next wave of artificial intelligence growth will be driven by agentic AI and robotics.
In a new CNBC interview, the firm’s portfolio manager, Tony Wang, says the stock market’s next phase will favor companies enabling AI’s physical and cognitive expansion.
He highlights that demand will come from the enterprise adoption of AI agents and robotics.
“I think that with every new market, there’s a lot of new demand drivers that will materialize, but you can’t see at the present day. What I’m looking forward to in monitoring is agentic AI. I think that we’re going to have a lot of digital workers that are going to work alongside human workers, and that’s going to really uncap productivity.
In addition, I think that we’re looking for physical AI to manifest itself with robotics. And it’s come a long way, and I think it could be inflecting going forward. So definitely, a lot of demand drivers, I think, that we have on this AI market here.”
Pressed on which companies are best positioned to benefit, Wang points to both traditional chip leaders and new entrants optimizing infrastructure for AI agents.
“The companies are building the infrastructure—the cloud players, the emerging cloud players—as well as the huge tiles with AI infrastructure, Nvidia, Broadcom, I think AMD as well positioned for this market. And then I think you see neo-clouds that are seeing significant increases in demand there, where they’re like more custom-built for AI infrastructure.”
He likens the buildout to the 19th-century railroad boom, arguing that financing innovation will play as big a role as technological innovation.
“It’s like laying down the tracks for the railroad. It’s capital-intensive. It gets messy. You probably need some creative financing, some partnerships. But I see this as ecosystem building as much as anything.
We need to see demand continue to scale and improve with new demand drivers, like we just talked about.”
Headquartered in Baltimore, Maryland, T. Rowe Price oversees more than $1.5 trillion in assets under management, with holdings across global equities, fixed income, and multi-asset strategies.
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