Anthropic & OpenAI Can Both Win the AI Race, Says T. Rowe Price Partner

T. Rowe Price partner Emma Norchet argues that Anthropic is entering "act two" of its growth story, moving beyond its early success in coding toward becoming an AI layer through which businesses can execute entire workflows. Norchet, who helps oversee multi-billion-dollar positions in both Anthropic and OpenAI, explains why T. Rowe Price doesn't see frontier AI as a winner-take-all market. She outlines where she sees the next opportunities for Anthropic and why public-market investors will have an appetite for these companies. Norchet's perspective challenges the common narrative that only one AI company can dominate. Instead, she suggests that both Anthropic and OpenAI can thrive by serving different needs and segments of the market. This view is particularly relevant as AI continues to integrate into enterprise workflows, where customization and reliability are key. In this interview, Norchet provides insights into the investment thesis behind T. Rowe Price's significant bets on frontier AI. She discusses the potential for Anthropic to expand its offerings and the broader implications for public markets as AI companies mature. This video is essential viewing for investors and anyone interested in the business of AI.