T. Rowe Prices' Tony Wang talks Big Tech as the Nasdaq notches a record close

Market Trends & Growth Drivers - The tech rally is fueled by strong demand and fundamentals in AI, particularly in reasoning models, inferencing, AI video generation, and autonomy [2][3] - Nvidia's growth is supported by continuously emerging new Total Addressable Markets (TAMs) [5] - AI is considered the next electricity for the industrial revolution, indicating a significant long-term growth opportunity [6] Company Performance & Valuation - Nvidia's multiple is considered reasonable at sub 35 times earnings, given its significant growth [5] - Nvidia is seen as a platform delivering intelligence at scale [6] Investment & Strategic Focus - Sovereign AI presents a sticky and significant new TAM for Nvidia, as these players seek flexible and functional solutions [6][7] - Meta's investment in AI is viewed positively, with potential for significant improvements in their business, such as Reels [8][9] - Underinvestment in AI is considered a greater risk than overinvestment, highlighting the importance of strategic allocation of resources [8]