Show and guest
A Bloomberg Television interview with Sebastian Page, co-head of global investments and CIO at T. Rowe Price. Original English title: There Was No Big Trigger for the Selloff, Page Says. Subtitles cover 0:00–6:23; this article covers the entire short interview.
Key points
- The selloff had no real trigger and was likely a liquidation driven by sentiment and crowded positioning. 2:31
- Token prices fell 30% over 4 weeks, but token demand rose 37% and token spending rose 9%. 1:00
- JPMorgan estimates that deploying one AI agent requires 10–100 times the computing power; end demand is still accelerating. 0:46
- Nvidia now trades at about 12.6x earnings, versus 30x a year ago; the VIX jumped nearly 30, and the market has already priced in slower earnings growth. 2:41
- It is hard to cancel 500 projects under construction; slower construction would reduce enormous financing needs, while the value of computing capacity already built would rise instead. 4:17
Background and notes
This Bloomberg Television segment is a short interview with T. Rowe Price’s Page, focused on the reasons for the selloff, token data, and Nvidia’s valuation. Subtitles cover 0:00–6:23; this article covers the entire interview. The views and timestamps in the article are based on the original subtitles; each timestamp marks the start of the corresponding excerpt.