An early bet on artificial intelligence thanks to a simple investment framework is helping the T. Rowe Price's Global Technology Fund outperform the market for a second straight year. "AI has to be the biggest productivity enhancer for technology, for the economy since electricity" said the fund's portfolio manager, Dominic Rizzo. "Our framework led us to be early to this AI trend, led us to be early to the chip intensity of this AI trend.
" But the AI darling is far from Rizzo's only semiconductor commitment on the AI theme. Taiwan Semiconductor Manufacturing and Advanced Micro Devices make up 5% and 4% of the portfolio, respectively. Chip equipment maker ASML Holding and semiconductor maker Analog Devices also make the fund's top 10 holdings, at about a combined 5%. Beyond chipmakers, Rizzo's also made significant bets on Apple and Microsoft , which account for 12% and about 10% of the portfolio, respectively.
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