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Sébastien Page, T. Rowe Price’s co-head of Global Investments and chief investment officer, remains fundamentally optimistic about the artificial-intelligence trade over the next six to 12 months, according to comments reported by Bloomberg on October 15, 2026. His view is a time-bounded market outlook—not a recommendation to buy a particular stock, a price target, or a promise of returns.
What Page is optimistic about
Page’s optimism centers on continued AI demand and the investment spending associated with it. The outlook covers roughly the next six to 12 months from October 2026, so it extends into 2027 but does not constitute a long-term forecast for the entire technology cycle.
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The comments were made during an appearance on Bloomberg Surveillance. The report does not identify a specific security, valuation level, earnings estimate, or target price. Investors should therefore read “the AI trade” as a broad market theme that can include companies supplying computing capacity, software, data infrastructure and other services—not as a signal about one named investment.
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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 lists 26 years of investment experience and identifies him as the author of Beyond Diversification (McGraw Hill, 2020) and The Psychology of Leadership (Harriman House, 2025).
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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 said the firm had $1.83 trillion in client assets as of April 30, 2026, with about two-thirds tied to retirement assets. Those figures describe the scale of the organization, not the size of any AI allocation.
Page’s investing lens
Page’s book Beyond Diversification is a useful introduction to his broader asset-allocation perspective, but the current AI comments do not provide a portfolio model or a prescribed weighting. A theme-level view can be consistent with holding a diversified portfolio rather than concentrating in a small group of AI-related companies.
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Why AI spending remains important to markets
T. Rowe Price’s 2026 global outlook gives the macro backdrop for the firm’s constructive stance. Its Asset Allocation Committee sees a positive economic outlook over the next six to 18 months, supported by policy tailwinds, AI spending and Federal Reserve rate cuts. That horizon is longer than Page’s six-to-12-month AI-trade view; the two time frames should not be treated as identical forecasts.
AI spending matters to markets through several channels:
- Capital expenditure: Businesses can increase purchases of computing, networking, data-center capacity and related equipment.
- Revenue expectations: Suppliers may benefit if customers continue expanding AI deployments and monetization.
- Productivity expectations: Investors may assign value to potential efficiency gains, even when the timing and scale of those gains remain uncertain.
- Interest rates: Lower rates can support long-duration growth assets, while higher rates can pressure valuations even when demand is strong.
These mechanisms explain why a positive demand outlook does not automatically translate into gains for every company associated with AI. Earnings delivery, competition, financing costs and valuation still determine individual results.
T. Rowe Price’s AI experience predates the current cycle
The firm says its use of machine learning and natural-language processing in portfolio management and research dates to 2006. It established a Technology Development Center in 2017 and created its Investment Data Insights team in 2019.
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In an April 2026 article, T. Rowe Price described AI as a way to increase the scale and speed of research while emphasizing human oversight and cognitive diversity. The firm summarized that principle with the statement: “AI compresses information edge, making human judgment the new differentiator.” In practical terms, AI can help process more information, but investment decisions still require judgment about data quality, business durability, risk and valuation.
Why the firm also warns about concentration
T. Rowe Price’s AI-insights collection presents AI as both an opportunity and a concentration risk. If a portfolio’s performance depends heavily on a narrow set of AI beneficiaries, an adverse change in demand, regulation, technology or financing conditions could have an outsized effect.
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The firm frames diversification away from AI as an allocation question rather than a rejection of the theme. Its research also highlights fixed income as an important part of navigating an AI supercycle. For an investor, that can mean assessing total portfolio exposure across equities, bonds, sectors, regions and company sizes instead of treating an AI position in isolation.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to interpret the outlook
| Question | What the October 2026 report establishes |
|---|---|
| Time horizon | Page is optimistic over the next six to 12 months. |
| Subject | A broad AI-related market trade and the demand supporting it. |
| Macro context | T. Rowe Price’s committee has a positive six-to-18-month economic outlook that includes AI spending, policy support and expected rate cuts. |
| Specific securities | None disclosed in the report. |
| Price target or return guarantee | None disclosed; no guaranteed outcome is implied. |
Readers comparing Page with another market commentator should check five differences: the forecast horizon, whether the argument concerns demand, earnings, valuation or infrastructure, the speaker’s treatment of concentration risk, assumptions about rates and fiscal policy, and whether any securities are actually named.
What could challenge the bullish case?
- AI customers could slow capital spending or delay deployments.
- Revenue growth could fail to justify elevated expectations or valuations.
- Competition could reduce margins for suppliers and software providers.
- Higher-than-expected interest rates could weigh on growth-stock valuations.
- Regulatory, energy, data or infrastructure constraints could limit adoption.
- A concentrated portfolio could suffer even if the long-term technology remains important.
None of these risks disproves Page’s six-to-12-month view; they explain why a thematic outlook should not be treated as a stand-alone investment instruction.
What investors can take from the comments
The central message is conditional optimism: Page expects AI demand to remain supportive for the trade through the coming six to 12 months, while T. Rowe Price’s own framework stresses diversification, fixed income and human oversight. Investors considering an AI allocation should first measure existing exposure through funds, retirement accounts and individual holdings, then decide whether the resulting concentration fits their risk tolerance and time horizon.
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