8 June 2026
AI could turn software into “dumb data pipes” | Dom Rizzo
What happens the day after ChatGPT launches? If you’re Dominic Rizzo, you take over the helm of the $8.7bn T. Rowe Price Global Technology Fund and embark on an incredible run, delivering an outstanding 43.6% per annum return.
AI could turn software into "dumb data pipes" | Dom Rizzo
In this episode of The Master Investor Podcast, host Wilfred Frost sits down with Dom Rizzo to dissect the massive shifts reshaping the technology sector. Dom explains why he believes that the key question the market is grappling with is how much more AI CaPex spend there is to come, and why he believes we are only half way through a massive AI CapEx cycle, with Google’s recent $85bn capital raise is a proof point of that.
Central to all of Dom’s thinking is that “compute equals revenue” and how that empowers the best AI companies (Anthropic and OpenAI) to deliver not just the highest raw intelligence but increasingly task completion too. The main reason we have seen such a strong market year to date is that the revenue is now following. “People didn’t see Agentic taking off, but Claude Code and OpenAI Codex have opened everyone’s eyes the huge enterprise opportunity here.”
Dominic thinks Software companies got fat and happy and explains why AI is the worst possible threat for them as a horizontal technology that can attack every software use case. He predicts that ChatGPT and Claude will end up sitting on top of basically the entire enterprise software stack and almost everything else will end up being a “dumb data pipe” feeding into those two.
He also explains why Nvidia remains King, why AMD and Intel are incredibly well placed, and why he laughs when people say Memory is commoditised with only three real players left globally in Micron, Samsung and Hynix.
Wilf and Dom also debate the upcoming mega IPOs of SpaceX, Anthropic and OpenAI and how the latter two’s roughly 10/1 Price/Sales multiple compares to the 100/1 multiple for SpaceX.
He ends by sharing his key investment advice for listeners: find a framework that matches your personality; work relentlessly hard; and get lucky.
Disclaimer
Nothing in the Master Investor podcast constitutes financial advice. We're here to share ideas and opinions, but you should always seek external independent financial advice before making your own investment decisions.
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Watch the video on The Master Investor Podcast with Wilfred Frost YouTube channel.