Quick Read – Rizzo holds AMD and NVDA, citing NVDA at just 14x forward earnings as proof semis remain undervalued despite a 100% run. – MU and AVGO posted cycle-peak results, with Micron revenue up 346% and Broadcom guiding AI chip sales to $16 billion, up 200% year over year. -…
zzo forecasts 75%+ hyperscaler capex growth next year, pointing to Anthropic’s run-rate revenue surging from $5 billion to $50 billion as proof. – Dom Rizzo runs T. Rowe Price’s Global Technology Fund, and the numbers he brings to the table force even skeptics to sit up
His fund has compounded at more than 40% a year over the past three and a half years, beating its benchmark by more than 500 basis points, largely on a fat overweight in semiconductors. On CNBC this week, he made a simple claim. Even after the run, the chips are still where you want to be.
The dispersion trade nobody wants to talk about Rizzo’s opening frame is a widening gap inside tech itself. “We’ve seen semiconductors up 100% and software down roughly 14%,” he said, and the tape backs him up. Advanced Micro Devices (NASDAQ:AMD) is up 142% year to date, Intel (NASDAQ:INTC) has run 222%, and Micron has done 227%. His fund is heavy in CPUs, owning both AMD and Intel, so this is not an academic observation for him.