T. Rowe Price's Dom Rizzo believes that AI will likely be the biggest productivity-enhancing technology for the global economy since the invention of electricity.
So how do you pick the real AI winners from the imposters?
In this episode of The Rules of Investing, Livewire's Ally Selby learns about some of the world's real AI winners, why Rizzo believes AI will be far more transformative than investors currently think, as well as why he believes that investors are likely to do more harm waiting for a correction in some of these tech winners than a correction itself.
Plus, he shares what he is seeing on the ground in the US right now in terms of economic weakness, the stocks he believes are worth paying up for right now, and how he takes advantage of sell-offs when he holds very little cash.
Note: This episode of The Rules of Investing was recorded on Wednesday 14 August 2024.
Timecodes:
0:00 - Intro
2:10 - Making sense of the volatility in tech stocks
3:11 - This is a healthy bull market correction
4:44 - The true transformational nature of AI
8:11 - Spotting the imposters from the real AI winners
11:06 - There are risks but we are starting to see business acceleration from AI
13:27 - Should you take advantage of sell-offs in AI companies?
15:08 - What Dom is seeing on the ground in the US in terms of economic stability
17:08 - How to identify winning tech stocks
19:53 - How Dom thinks about risk
22:01 - Dom's wishlist of stocks he would own at a cheaper price
24:15 - Stocks it is worth paying up for right now
26:32 - A deep dive into semiconductor stocks and cycles
30:20 - NVIDIA at the point of deceleration and what this means for investors
31:16 - How to take advantage of sell-offs with very little cash
34:19 - One thing investors are getting wrong about markets
34:53 - Biggest lessons Dom has learnt during his career
39:06 - One stock Dom would hold if the market closed for 5 years
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