Global Equities
AI Capital Cycle: Broadening Opportunity, Rising Selectivity
As the AI cycle matures, emerging constraints across compute, infrastructure, and capital could have broader implications for economic growth, financial conditions, corporate earnings, and asset returns
Join our Global Focused Growth Equity team as they discuss how they are navigating a more selective phase of the AI capital cycle and what it could mean for investors.
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1937
CAD 2.44 trillion
923
AI Capital Cycle: Broadening Opportunity, Rising Selectivity
During our recent Global Focused Growth Equity webinar on September 24, Portfolio Specialist Jennifer O’Hara Martin was joined by Portfolio Manager Dave Eiswert to discuss how the evolving AI capital cycle is reshaping the global equity opportunity set.
The discussion explored:
- AI capital cycle: How AI investment is expanding beyond models and GPUs into physical and enterprise infrastructure
- Investment implications: Why a more capital-constrained market and the rise of agentic AI are increasing the importance of selectivity for global equity investors
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*As of September 30, 2025. Firmwide Assets Under Management includes assets managed by T. Rowe Price Associates, Inc., and its investment advisory affliciates.
Assets under management are calculated in US dollars and converted to Canadian dollars using an exchange rate determined by an independent third party.
202508-4661260