By Annika Masrani
Publication Date: 2025-11-25 13:35:00
Few investors can claim they spotted Nvidia (NVDA) before the world did, but Tony Wang is one of them. Before he ran T. Rowe Price’s (TROW) $13 billion Science & Technology Fund, Wang was the analyst pounding the table in 2017 and 2018, urging the firm to buy Nvidia when the market had not yet connected the dots between accelerated computing and the coming AI boom.
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Wang told MarketWatch that the dynamics he saw then are reappearing now. Back in 2017, Nvidia looked expensive, misunderstood and volatile, yet the adoption curve was only beginning. He believes today’s weakness across AI stocks feels similar. The fundamentals remain in place even as sentiment shakes out.
Wang Turns to the Next Group of AI Winners
Wang sees opportunity forming in a handful of companies positioned to benefit from the next wave of AI build-outs. While Nvidia remains a long-term cornerstone of the portfolio, he is reallocating toward names that are benefiting from the broadening of AI infrastructure and software demand.
He highlighted Advanced Micro Devices (AMD) as a prime beneficiary of customers diversifying their accelerator supply. Wang views AMD as entering an inflection point similar to where Nvidia stood eight years ago, though with different competitive dynamics. He is also leaning into Microsoft (MSFT) and Alphabet (GOOGL), which continue converting AI hype into revenue and margin expansion at a scale smaller firms cannot match.
Wang sees Meta…
