After NVIDIA has been one of the biggest AI winners for years, investors are looking for alternative investments. T. Rowe Price expert Wang names these names.
• NVIDIA stock with strong growth in recent years
• T. Rowe Price expert Tony Wang insisted on NVIDIA investment early on
• Wang gives tips for other possible high-flyers
Given the rapid development that NVIDIA shares have experienced in recent years, many investors would certainly have wished they had gotten in on the AI top dog early on. One person who saw great growth potential in NVIDIA many years ago is T. Rowe Price expert Tony Wang.
Wang, who is now a portfolio manager at the asset manager, said in an interview with MarketWatch: “I’ve been a portfolio manager for two to three years, but I was the analyst who covered NVIDIA and pushed to buy the stock in 2017-18.” Today he is responsible for T. Rowe Price’s $13 billion Science & Technology Fund.
This has increased by 25.56 percent since the beginning of the year to most recently 64.95 US dollars. Looking at the last five years, there was an increase of 93.69 percent. The average 52-week return is currently 27.67 percent. For comparison: The market-wide US index S&P 500 has so far gained only 16.11 percent in 2025 to 6,829.37 points (closing price on December 2nd, 2025).
Former NVIDIA bull
On his advice, T. Rowe Price became a top NVIDIA shareholder. Wang also made early investments in Tesla and Apple. His Science & Technology Fund also includes investments in other tech giants such as the A and C shares of Google parent Alphabet, Facebook parent Meta Platforms as well as AMD, Broadcom and Microsoft.
Even though the market is now concerned about an overvaluation of the tech sector, especially with the focus on AI, Wang continues to believe in NVIDIA & Co. and is sure that his investments will pay off.
He also doesn’t see NVIDIA’s market dominance at risk, as he told MarketWatch in a follow-up email: “What matters is that overall investment in AI goes up, not down, and that NVIDIA remains the primary platform for that spending.”
The portfolio manager sees the recent wave of sales in tech stocks as an opportunity for long-term investors. He believes mature technology companies should continue to grow and increase their value, with the scale and distribution to leverage AI. The recent downturn is more likely due to technical risk reduction due to extreme positioning.
Looking for the “S-curve”
Of course, Wang is always on the lookout for new high-flyers to help his fund achieve strong returns in the long term. He looks for those companies that are at the beginning of the so-called “S-curve”, which means the course of a company’s growth over time. Wang sees the best point here as the first 20 or 30 percent of the S-curve, as this is where “the most returns can be achieved.”
Possible AI beneficiaries
The T. Rowe Price expert already has a few companies in mind. One company that is not one of the underdogs is Google. Wang estimates that the tech giant could become a leading player in the AI sector. The group already has its AI chatbot Gemini and has the computing power to pursue AI leadership and the digital assets to monetize it, such as Google, YouTube and Gmail.
In addition to Alphabet, Wang also believes the hype surrounding chip manufacturer AMD is justified: “They develop their systems in a really clever way. I think they could earn a lot more than Wall Street expects” as their products gain traction.
A recent investment by the investment professional is also active in the semiconductor sector: KLA produces tools that are needed to produce chips. “I would say this company is interesting because as technology becomes more complex, inspection requirements also increase,” Wang said. “This company’s tools are essentially the solution to many problems in the manufacturing process, so they will certainly become more important.”
The situation is similar at Cisco, a developer, manufacturer and distributor of networking equipment and software. Wang sees this investment as a potentially underappreciated value growth company that could take a place in the AI space.
Wang also names Celestica as a possible AI beneficiary. The company provides design, manufacturing and supply chain solutions to tech giants like Alphabet and, according to the T. Rowe Price expert, could particularly benefit from building large data centers as AI contractors: “The company has worked its way up the value chain with its software and is well positioned to produce these AI boards and systems,” he said.
Several S-curves at Shopify
The last company Wang mentioned was the e-commerce provider Shopify, which is not yet considered a really big light in the AI sector, but is an interesting investment due to other factors. Shopify has “multiple S-curves” and has a strong presence in the USA and internationally. In addition, the payment business is also poised to become more widespread, estimates Wang.
However, it remains to be seen whether the investments mentioned are actually the high-flyers of tomorrow.
Editorial team finanzen.net
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