T. Rowe Price Targets China's AI Supply-Chain Manufacturers for Infrastructure Gains

A top-performing T. Rowe Price fund is placing major bets on Greater China companies positioned in the lower tiers of the artificial intelligence supply chain, wagering that the region's infrastructure investment cycle has substantial room to catch up with global trends. Rather than chase leading chipmakers or AI model developers already valued at premium multiples, T. Rowe Price's investment thesis targets the manufacturers supplying critical components—printed circuit boards, optical interconnect modules, power systems, and data-center equipment—that form the backbone of AI infrastructure buildout. According to Agnes Ng, a portfolio specialist at T. Rowe Price, these companies are frequently absent from benchmark indexes and have been direct beneficiaries of the global rush to deploy AI compute capacity.