Even before many people heard about AI, Tony Wang was betting on NVIDIA shares. Now the fund manager is setting his sights on his next strategic bet.
• AI requires a hundred times more computing power – and, according to Wang, the Earth no longer has space for it
• SpaceX index inclusion triggers capital rotation from established tech giants
• Wang is not betting on hype, but rather on the infrastructure bottlenecks that AI expansion creates
With $16 billion in assets under management, the T.Rowe Price Science & Technology Fund is no stranger to the technology universe. His manager Tony Wang already bet on NVIDIA when artificial intelligence was still a fringe topic and has been running the fund as the sole manager since the end of 2023. As MarketWatch reports, the fund manager has identified space as the next strategic bet.
Lack of space in data centers: Wang wants to send AI “into space”
According to Wang’s estimates, agentic AI, i.e. AI systems that take on tasks independently instead of waiting for human input, needs around a hundred times as much computing capacity as is currently available. The problem: Data centers need space – and according to Wang, this is becoming too scarce.
“If we need a hundred times more computing power than we do today, there simply won’t be enough space on Earth – there are too many space restrictions. So these systems could be sent into space,” the fund manager is quoted as saying by MarketWatch.
Wang admits that such a concept would face significant hurdles. But for him it is not a science fiction scenario, but a logical consequence of the computational deficit that the AI cycle creates.
Wang predicts broad-based capital rotation at the index level
From this, Wang derives a concrete investment thesis surrounding Elon Musk’s space and AI company SpaceX: As a result, as soon as SpaceX is included in the major stock indices, portfolio managers would have to create space – typically this leads to capital rotations among existing heavyweights. As MarketWatch reports, Wang says there will be cuts at Microsoft, Meta, Alphabet, Apple and NVIDIA. So anyone who is positioned early is on the right side of the reallocation flow.
Wang’s fund has already drawn the conclusion: The T.Rowe Price Science & Technology Fund holds both a position in SpaceX and shares in AST SpaceMobile, which was able to gain around 337 percent within a year. SpaceX’s much-anticipated IPO will take place on the NASDAQ later this month – with a valuation of around $1.8 trillion.
Bottlenecks as a compass: storage and light instead of copper
The space thesis is just the latest stage in a broader infrastructure logic that has shaped Wang’s portfolio since the beginning of 2025. Wherever AI expansion reaches physical limits, he looks for profiteers. When it comes to memory, his picture is clear: he compares high bandwidth memory to a cutting board.
“You have to cut ingredients to make food. And now there’s something of a cutting board shortage,” he is quoted as saying by MarketWatch. Manufacturers such as Micron, SK hynix and Samsung benefit directly; The pull of demand continues to spread to flash storage providers such as Sandisk and Kioxia as well as hard drive manufacturers such as Western Digital and Seagate.
For data centers themselves, Wang relies on optical networking instead of copper: CIENA, Lumentum and Coherent are moving towards silicon photonics, which transports data via light and thus curbs overheating in growing data centers. The fund also holds a stake in the private company Lightmatter.
This is what investors can take away from Wang’s thesis
Wang consistently distinguishes between thematic excitement and real earnings growth. “Our fund is actively managed and focused on science and technology innovation. At this stage of the AI cycle, we seek to identify the companies where AI is driving sustainable profit and cash flow growth – not just thematic excitement,” Wang said, according to MarketWatch.
The fund increased by 24.43 percent in 2025, after an increase of 40.27 percent in 2024 and 53.77 percent in 2023. For investors, this means: Those who follow Wang’s logic look less at the next big story and more at the physical bottlenecks of AI expansion. Storage, optics, data centers in space – these are not hype topics, but infrastructure bets on a computing deficit that, according to Wang, cannot be explained away.
Whether the market sees it the same way will be determined by how much capital actually flows out of the established technology giants after the SpaceX IPO.
Benedict Kurschat, editorial team at finanzen.net
This text is for informational purposes only and does not constitute an investment recommendation. finanzen.net GmbH excludes any claims for recourse.
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