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Sébastien Page, co-head of Global Investments and chief investment officer at T. Rowe Price, remains fundamentally optimistic about the artificial-intelligence trade over the next six to 12 months, according to an October 15, 2026 discussion on Bloomberg Surveillance. His comments describe a time-bounded market view—not a recommendation of a particular stock, fund, price target or guaranteed return.
What Page’s outlook means
Page’s central point is that continuing demand for artificial-intelligence capabilities can support the market theme through roughly the next half-year to year. The statement is about the durability of the AI trade as an investment theme, rather than a forecast that every company associated with AI will rise.
“Trade” in this context can include the companies, infrastructure and industries whose revenue, capital spending or productivity could be affected by AI adoption. The available comments do not specify which securities Page favors, assign a valuation, or identify a target price. Investors should therefore read the outlook as a view on a market trend, not as a model portfolio.
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Why T. Rowe Price sees support from AI demand
Spending remains a macro tailwind
T. Rowe Price’s 2026 global outlook gives AI spending a place alongside policy support and Federal Reserve rate cuts among the forces that could support improving growth over the next six to 18 months. That is a broader economic horizon than Page’s six-to-12-month AI-trade view. The two time frames are related, but they are not interchangeable: the first describes the firm’s macro scenario, while the second describes Page’s expected durability for the market theme.
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The firm has treated AI as an investment capability for years
T. Rowe Price says machine learning and natural-language processing have supported portfolio management and research since 2006. It established a Technology Development Center in 2017 and created its Investment Data Insights team in 2019. Those milestones predate the current generative-AI cycle and help explain why the firm presents AI as both an economic theme and a practical change in investment research.
In an April 2026 article on AI in the investment process, the firm wrote: “AI compresses information edge, making human judgment the new differentiator.” The implication is not that algorithms eliminate analysts. AI can increase the scale and speed of research, while human judgment, oversight and cognitive diversity become more important when many investors have access to similar machine-generated information.
How the firm balances opportunity with concentration risk
T. Rowe Price’s AI-insights collection describes AI exposure as potentially concentrated and treats diversification away from AI as an allocation question. A portfolio can participate in AI-related growth while still limiting the damage if expectations, spending or valuations disappoint.
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- Opportunity: AI spending may support companies involved in computing, software, data, infrastructure and related services.
- Concentration risk: A small group of AI-linked companies or sectors can account for a large share of market performance, leaving portfolios vulnerable to a reversal.
- Allocation response: Diversification across sectors, regions and asset classes can reduce dependence on one AI outcome.
- Fixed-income role: The firm’s AI framework also highlights fixed income as important to the AI supercycle, rather than treating the theme as an equity-only story.
This framework makes Page’s optimism conditional in practical terms. Believing demand can persist does not require putting every asset in an AI-linked holding, and it does not remove the need to examine debt, rates, cash flow and valuation.
Who is Sébastien Page?
Page is T. Rowe Price’s co-head of Global Investments and CIO. He joined the firm in 2015 after roles at PIMCO and State Street Global Markets. The firm’s biography credits him as the author of Beyond Diversification (McGraw Hill, 2020) and The Psychology of Leadership (Harriman House, 2025). At the time the biography was recorded, it listed 11 years at T. Rowe Price and 26 years of investment experience.
T. Rowe Price announced on May 18, 2026 that Page would assume the co-head and CIO role effective June 1, 2026, working with Eric Veiel. The announcement reported $1.83 trillion in client assets as of April 30, 2026, with about two-thirds connected to retirement assets. That scale gives Page’s comments institutional significance, but it does not turn a general outlook into a security-specific recommendation.
What the comments do—and do not—say
| Question | What is established |
|---|---|
| How long is the outlook? | Page is optimistic over the next six to 12 months. |
| What supports it? | Ongoing AI demand, with the firm’s wider outlook also citing policy support, AI spending and potential rate cuts. |
| Is a stock named? | No specific security is disclosed. |
| Is there a price target? | No price target or valuation target is disclosed. |
| Is a return promised? | No. The statement is an outlook, not a guarantee. |
| Does the firm ignore diversification? | No. Its AI materials explicitly discuss concentration and diversification. |
How investors should interpret an AI-trade outlook
- Separate demand from returns. Strong AI demand can coexist with disappointing investment returns if expectations and valuations are already high.
- Check the time horizon. Page’s six-to-12-month window is shorter than the firm’s six-to-18-month macro outlook and should not be treated as a long-term forecast.
- Look beyond a headline theme. Examine earnings, cash generation, capital spending, competition and balance-sheet risk for any individual investment.
- Measure concentration. Identify how much of a portfolio’s performance depends on a small number of AI-linked companies or on one region or sector.
- Keep the statement in context. The comments communicate a thematic opinion; they do not establish that all AI businesses, markets or portfolios will benefit equally.
Bottom line for readers
Page remains bullish on the AI trade because he sees demand as capable of supporting the theme over the next six to 12 months, against a wider backdrop in which T. Rowe Price expects policy, AI spending and possible rate cuts to aid growth. The firm’s own framework is more nuanced than a simple “buy AI” message: it emphasizes concentration risk, diversification and the continuing importance of human judgment. No security, price target or guaranteed return was included in the reported comments.
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