Descriptions:
Bloomberg Technology sits down with Tony Wong, portfolio manager of the T. Rowe Price Science and Technology Fund, to unpack NVIDIA’s latest earnings and the investment thesis behind continued growth at unprecedented scale. Wong pushes back on the bear case — that NVIDIA’s margins have peaked and growth is unsustainable — by pointing to agentic AI workloads as a qualitatively different demand driver than prior inference patterns. Agents working on tasks measured in “months of work” rather than single queries require persistent, large-scale compute, and that demand is compounding alongside still-intact scaling laws where frontier models improve linearly with compute investment.
The conversation covers NVIDIA’s $91 billion quarter, a $1 trillion infrastructure backlog (framed as a BlackRock and Rubin projection for calendar years 2025–2027), and the expansion of NVIDIA’s TAM beyond hyperscalers into enterprise financial services and robotics. Jensen Huang’s own comments on demand vastly outpacing supply capacity are featured. Wong also addresses NVIDIA’s capital return program, drawing a parallel to Apple’s buyback history as a potential multiple-expansion catalyst, and characterizes NVIDIA’s ecosystem investment strategy — writing $2 billion checks into the AI supply chain — as smart frontier-technology positioning.
For anyone tracking AI infrastructure investment flows, this segment offers a clear institutional view of why NVIDIA at 22x forward earnings may still look attractive given durable agentic AI demand.
📺 Source: Bloomberg Technology · Published May 21, 2026
🏷️ Format: Interview
