Posted 3/21/2024, 3:08:00 AM
AI Stock Rally Has Room to Run, Says Top-Performing Tech Fund Manager
- The artificial intelligence (AI) stock rally has further room to run according to Tony Wang, manager of the top-performing T Rowe Price Science & Technology Fund
- Wang believes AI multiples are reasonable right now and it's too early to call a top
- Nvidia, the fund's top holding, reported strong earnings and launched a new AI chip to power future growth
- Wang sold Chinese AI stocks and invested more in U.S. names, citing more innovation and earnings acceleration there
- Unlike the dot-com bubble, current tech rally is backed by real profits rather than just valuation expansion