Podcast Host | Jennifer Martin, Global Equity Portfolio Specialist 
Speakers | David Eiswert, Portfolio Manager

Overview

The speed of innovation and acceleration of the AI cycle has taken the market by storm. Host Jennifer Martin is joined by David Eiswert, portfolio manager focused on global equities to learn how a diversified portfolio manager is navigating the AI investment cycle.

Disclaimers

This podcast episode was recorded in April 2024. This podcast is for general information and educational purposes only, and outside the United States is intended for investment professional use only.

It does not constitute a distribution, offer, invitation, recommendation, or solicitation to sell or buy any securities in any jurisdiction, or to conduct any particular investment activity.

This podcast does not provide investment advice or recommendations, nor is it intended to serve as the primary basis for an investment decision. Prospective investors are recommended to seek independent legal, financial and tax advice before making any investment decision.

The views contained herein are those of the speakers as of the date of the recording and are subject to change without notice. These views may differ from those of other T. Rowe Price companies and/or associates. Information is based upon sources we consider to be reliable; we do not, however, guarantee accuracy.

Investing in technology stocks entails specific risks, including the potential for wide variations in performance and usually wide price swings, up and down. Technology companies can be affected by, among other things, intense competition, government regulation, earnings disappointments, dependency on patent protection and rapid obsolescence of products and services due to technological innovations or changing consumer preferences.

International investments can be riskier than U.S. investments due to the adverse effects of currency exchange rates, differences in market structure and liquidity, as well as specific country, regional, and economic developments.

Growth stocks are subject to the volatility inherent in common stock investing, and their share price may fluctuate more than that of income-oriented stocks. Diversification cannot assure a profit or protect against loss in a declining market. There is no guarantee that any forecasts made will come to pass.

Free cash flow is the amount of cash available to a company after expenses and any long-term capital investments. Free cash flow margin compares the free cash flow to the company’s revenue.

Where "TMT" was mentioned, this references the TMT bubble, related to the rise (and fall) of Technology, Media, and Telecom (TMT) stocks in the period between 1995 and 2000. Apple, Microsoft, NVIDIA, Amazon, Alphabet, Meta Platforms, and Tesla are seven tech companies that have come to be known as the Magnificent Seven.
The mention of "fablus infrastructure" refers to Fab's, which is where semiconductors are born. Fab is short for “fabrication”, which means to produce, and refers to semiconductor production facilities in the semiconductor industry.

DRAM and NAND are two different types of memories; DRAM (Dynamic Random Access Memory) is a type of random access memory, and NAND means NOT AND that is, AND output is NOTed. NAND gate is combination of an AND gate and a NOT gate. (Not AND) is a type of logic gate. Although they are both used to store data, there are many differences in construction, function, performance, and application.

This podcast is copyright 2024 by T. Rowe Price.