A top tech fund manager is listing his favorite names for the future of the sector. “It’s an exciting time and we’re seeing productivity really improve and maybe it’s really the industry,” Tony Wang, portfolio manager for technology equity strategies at T. Rowe Price, told CNBC’s “Squawk Box.” A huge boost to economic productivity. In the nearly two years since ChatGPT debuted, companies have poured money into semiconductor and infrastructure brands to support the construction of artificial intelligence tools. Now, Wang believes that the tide is turning in favor of software companies and applications. Program developers launch and integrate artificial intelligence products. Applovin’s stock price has been the same as that of Nvidia so far this year. Wang believes that Marvell Technology is an important long-term artificial intelligence company, given its customized chip products working with hyperscale enterprises such as Amazon, and has “strong future”. He also emphasized that the company’s CEO is a strong “capital allocator.” Given the data access capabilities of the “Big Seven” stocks, which should continue to lead; their large customer base; and the funds to train, build and deploy artificial intelligence models, Wang expects a new group of beneficiaries to emerge. These include Palantir and Applovin. Wang highlighted Applovin’s digital advertising moat and strong execution as one of the reasons he’s bullish on the stock. Applovin shares soared 77% after reporting a strong profit report, marking its best weekly performance ever. Shares are up more than 590% this year. “A lot of them did see quite a bit of movement recently in their last earnings report, and I think that was largely driven by their AI data flywheel,” he said of the selections. “Technology trends often follow exponential adoption curves, and many times the market…undervalues these technology transformations.”
