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T. Rowe Price chief investment officer Sébastien Page 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-limited market outlook—not a recommendation to buy a particular stock, a price target, or a promise of returns.
What Page is forecasting
Page said he remains positive on the AI trade over the coming six to 12 months while speaking on Bloomberg Surveillance. That window points to a view extending roughly from late 2026 into 2027, but it does not establish a precise market peak or an expected return.
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The wording matters. “The AI trade” can include chipmakers, cloud infrastructure, software, data-center operators and companies whose earnings benefit from deploying AI. Page’s reported comments describe the theme broadly rather than identifying a security, sector weight or valuation level.
Why AI demand supports the outlook
T. Rowe Price’s 2026 global outlook identifies policy tailwinds, AI spending and potential Federal Reserve rate cuts as supports for improving economic growth over the next six to 18 months. That is a broader macro framework than Page’s six-to-12-month AI-trade horizon: the two time frames overlap, but they are not the same forecast.
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Continued spending is central to the bullish case. Businesses and governments are still building computing capacity, adopting machine-learning tools and integrating AI into research, operations and customer services. If that spending translates into revenue growth and productivity gains, companies supplying the necessary infrastructure and applications could continue to see investor interest.
Rate cuts can also affect the trade. Lower discount rates generally make future cash flows more valuable, which can support growth-oriented assets. That effect is not guaranteed, however; weaker economic data, slower corporate spending or disappointing monetization could offset it.
How T. Rowe Price views AI risk
The firm’s own AI-insights work treats the technology as both an opportunity and a portfolio-concentration risk. Investors may accumulate exposure through several holdings that depend on the same AI spending cycle, even when those companies operate in different industries. Diversification away from AI therefore becomes an asset-allocation decision, not a rejection of the technology.
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1Clear out junk files and repair common Windows errors2Fix the driver behind crashes, sound loss and screen glitches3Repair Windows errors before they cause bigger problemsThat framework argues against treating Page’s optimism as a reason to place an entire portfolio into one theme. A diversified approach can retain exposure to potential AI growth while limiting the damage if capital expenditure slows, competition compresses margins or valuations become detached from earnings.
The firm has been applying AI for years
T. Rowe Price says its investment work with machine learning and natural-language processing dates to 2006, well before the current generative-AI cycle. It established a Technology Development Center in 2017 and created its Investment Data Insights team in 2019.
The firm describes these systems as tools that increase the scale and speed of research rather than replacements for portfolio managers. In an April 2026 article, Vinit Agrawal, Justin Thomson and Eric L. Veiel wrote: “AI compresses information edge, making human judgment the new differentiator.” The point is that widely available analytical tools can reduce the advantage of simply processing more information; judgment, oversight and cognitive diversity become more important.
Who is Sébastien Page?
Page is T. Rowe Price’s co-head of Global Investments and chief investment officer. He joined the firm in 2015 after roles at PIMCO and State Street Global Markets. T. Rowe Price’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 that Page would take the co-head and CIO role effective June 1, 2026, working with Eric Veiel. The firm reported $1.83 trillion in client assets as of April 30, 2026, with about two-thirds related to retirement assets. His comments therefore come from a senior allocator at a large, diversified investment organization, not from an anonymous market commentator.
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How to interpret the outlook
| Question | What the reported view establishes | What it does not establish |
|---|---|---|
| Time horizon | Optimism for the next six to 12 months | A permanent bull market or exact turning point |
| Subject | The AI investment theme and its demand backdrop | A named company, fund or security |
| Macro support | AI spending, policy support and possible rate cuts are part of the firm’s broader six-to-18-month outlook | That rates will fall or spending will accelerate on schedule |
| Portfolio message | AI can create opportunities while increasing concentration risk | That investors should abandon diversification |
| Performance claim | A directional opinion | A guaranteed return, target price or forecast of specific earnings |
What could challenge the bullish case
- Corporate AI budgets could be delayed if projects fail to produce measurable returns.
- Infrastructure providers could face excess capacity, price competition or supply-chain constraints.
- High valuations could leave AI-linked shares vulnerable even if underlying demand remains strong.
- Higher-for-longer interest rates could weigh on long-duration growth assets.
- Concentrated portfolios could suffer if a small group of AI beneficiaries drives most market performance and then reverses.
These are risks to the theme, not predictions that any one will occur. Page’s statement supplies a time horizon and direction, while investors still need to assess valuation, diversification, risk tolerance and the difference between technology adoption and shareholder returns.
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