The Inevitability No One Sees | $11 Billion Tech Manager on What Investors Miss About AI
This episode of Excess Returns features Tony Wang of T. Rowe Price discussing how investors can identify “inevitabilities” in technology and position portfolios to benefit from long-term innovation trends. The conversation explores AI, semiconductors, and the evolving investment landscape, while also breaking down Tony’s portfolio construction process and how he navigates cycles, valuation, and disruption risk.
Tony explains why AI is fundamentally changing the cost of intelligence, how agentic systems could reshape software and labor markets, and why the current AI buildout may differ from…
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