Tony Wang, T Rowe Price, joins 'Closing Bell Overtime' to talk what drove stocks lower today, finding value stocks in the AI software trade, and more.

Wall Street

The release of Open AI's ChatGPT has accelerated the development of artificial intelligence and warnings about its impact on society.

Rise of AI

T. Rowe Price Portfolio Manager Tony Wong highlighted that the recent volatility in NVIDIA's stock was not due to fundamental issues, as demand for its products remains strong and the company continues to deliver impressive results. Wong emphasized that the development of AI infrastructure is a long-term, multi-year process, with ongoing breakthroughs in model quality and compute scaling.

He noted that while large companies like Microsoft are well-positioned due to their resources and enterprise presence, smaller software vendors may face challenges from rapid innovation and increased competition. Wong affirmed NVIDIA's importance as a platform company in the AI space and expects the total addressable market for compute to continue growing.

AI infrastructure is a 'multi-year buildout', says T. Rowe Prices

For that reversal, joining us now is T. Rowe Price Portfolio Manager Tony Wong. Tony, I was surprised in overtime yesterday when NVIDIA was higher because it's usually lower. So I guess in a way, if we had gotten this immediately, I wouldn't have been surprised. But a lot of investors got their ankles broken. Why do you think that happened? Yeah, well, it definitely wasn't a fundamental reason, in my opinion. I mean, the results were really good. Demand is super strong. NVIDIA continues to really be able to deliver impressive products. And we are on this early S-curve on agentic, possibly. And so I think it's a market-wide sell-off. It's really hard to predict what the market's going to be doing in one way or another. And I think right now, the way the market is set up, kind of momentum chasers are kind of dominant in the day-to-day, intraday flow. So for me, what I think about is longer-term multi-year, where the tech trends are going. And I've been on the road talking to companies for the last few weeks. And AI continues to be the most important priority. And I think we're seeing real breakthroughs, both on the model side, as they're getting a lot better, and then also scaling in terms of more compute. It produces more powerful models. And so I'm looking for enterprise agentic AI to take off as kind of another catalyst here. There are a lot of enterprise software companies, Tony, that have not gotten a bid in this AI environment, perhaps over fears that this new wave, these large language model providers, are going to commoditize them. But I don't imagine that's going to happen to everybody. So where should investors look for value in software, perhaps that hasn't been caught up as much in the AI hype so far? Yeah, I think that is definitely something that's very top of mind. I think that more and more, you're seeing that these models can do a lot more. And that oftentimes, you don't need to upgrade your software system. It's a system of record, potentially. And the large language model can build a lot more of it. I think that you're seeing open AI and other model builders kind of go more vertical in their aspirations. And so I think that you more and more need to be the platform that orchestrates the intelligence and the agent. So I think Microsoft has a real right to win here. They've got compute. They've got model. They've got entrenchment in the enterprise. But I think a lot of these kind of small, medium-sized software vendors that kind of serve a niche in marketing or sales and marketing, I think those can be really tough. There's just a lot of innovation in that space. And we don't know kind of how that will change the dynamics exactly. Is NVIDIA still a must-own? With the stock selling off, do you buy more here? I think that NVIDIA continues to be the platform company. And in terms of designing the whole system, we have a lot of good catalysts in terms of them being able to unlock new TAM. And a lot of times, when you are pushing the boundaries of frontier models, you need that compute. So as long as the scaling laws hold and NVIDIA is a platform kind of AI company, I think that things are getting harder to deliver the performance. And so I think that plays right into what NVIDIA does. And I think the whole space, the TAM is growing for compute. And so I continue to think that AI infrastructure is largely a multi-year build out here.

President Trump approved a 28-point plan to end the Russia-Ukraine war, a senior White House official confirms to CBS News. Ramy Inocencio has the latest.

Washington

Ukraine Invasion

Trump approved 28-point plan to end Russia-Ukraine war

There are reports that the U.S. and Russia have drafted a plan that would end the war in Ukraine, but it proposes that Kyiv give up territory and some weapons.

Kyiv

Ukraine expected to give up land, some arms under U.S. peace plan

All 267 people on board a South Korean passenger ferry that ran aground off the southwestern tip of the Korean peninsula on Wednesday (November 19) have been rescued, in an incident that revived memories of the major ferry disaster in 2014 in which 300 people died.

Mokpo-si

Ferry runs aground off South Korea, crew negligence suspected

On Wednesday, U.S. President Donald Trump signed the bill that forces the Justice Department to release the files from its investigation into the late sex offender Jeffrey Epstein. The bill was passed by the U.S. House and Senate on Tuesday.

Trump signs bill to release Epstein files

U.S. officials are now in Kyiv for the Trump administration's renewed push to end the Russia-Ukraine war. CBS News chief foreign affairs correspondent and "Face the Nation" moderator Margaret Brennan has the details.

U.S. officials in Ukraine to push for renewed peace talks

Harvard University is opening a new inquiry into faculty connections with convicted sex offender Jeffrey Epstein. Cam Srivastava, college administration reporter for The Harvard Crimson, joins CBS News with more.

Cambridge

Harvard announces new probe into faculty ties to Jeffrey Epstein

U.S. President Donald Trump has authorized a plan for the CIA in Venezuela, according to a New York Times report. CBS News' Charlie D'Agata has more details.

Trump authorizes plans for CIA covert operation in Venezuela: report

An Israeli strike on the Ain al-Hilweh Palestinian refugee camp in southern Lebanon killed 13 people and wounded several others, the Lebanese Health Ministry said Wednesday. The Israeli military said it struck Hamas militants who it said were operating in a training compound there.

Beirut

Middle East Conflict

Israeli strike on Palestinian refugee camp in Lebanon kills 13

The Epstein files bill is expected to reach President Donald Trump's desk for his signature on Wednesday (November 19). CBS News' Taurean Small reports.

Trump set to sign bill to release Epstein files

Microsoft and Nvidia plan to invest a combined $15 billion into Anthropic. Bloomberg Intelligence's Mandeep Singh discusses why two of the biggest backers of OpenAI are putting money into its rival.

San Francisco

Microsoft, Nvidia to invest up to $15 billion in Anthropic

Hamas rejects the US-drafted UN resolution for a Gaza ceasefire and international stabilisation force.

New York

UN Security Council vote: Hamas rejects Gaza 'peace resolution'

President Trump welcomed Saudi Crown Prince Mohammed Bin Salman to the White House on Tuesday. The two leaders announced a boost in Saudi Arabia's planned investment in the U.S., from $600 billion to nearly $1 trillion.

Trump, MBS announce boost in Saudi investment to U.S.

President Donald Trump hosted Crown Prince Mohammed bin Salman at the White House on Tuesday, with the Saudi de facto ruler seeking to further rehabilitate his global image after the 2018 killing of U.S.-based journalist Jamal Khashoggi and deepen ties with Washington.

Trump hosts Saudi crown prince for pomp-filled, deal-making visit

The Senate, through the process of unanimous consent, agreed to send the bill to President Trump's desk for his signature without any amendments once it's received from the House.

Senate to send Epstein files bill to Trump's desk for signature

The House has approved a bill that would require the Justice Department to release files related to convicted sex offender Jeffrey Epstein. The bill, which received bipartisan support, now awaits consideration in the Senate.

House passes bill that would force release of Jeffrey Epstein files

Hopes for a strong G20 declaration on climate and debt relief are slim as South Africa readies to host the summit from Saturday (November 22). Global tensions and a boycott by the United States threaten to overshadow the gathering.

Johannesburg

South Africa readies for G20 despite U.S. boycott

At least one person is dead and three others were injured after an attack in the West Bank, Israeli forces said. Meanwhile, the United Nations Security Council backed the U.S. plan for Gaza. CBS News' Ramy Inocencio has the latest.

Jerusalem

Tensions escalate as U.N. Security Council backs Trump's plan for Gaza

U.S. President Donald Trump will host Saudi Crown Prince Mohammed bin Salman at the White House, his first visit since Washington Post journalist Jamal Khashoggi was killed in 2018. The crown prince has denied any involvement.

Saudi Crown Prince Mohammed bin Salman visiting White House

The sale of the fighter jets is one of several major deals between the two countries expected to be announced during the visit.

Trump says he will sell F-35 jets to Saudi Arabia

The U.K. government has proposed a major overhaul of its asylum rules, making it easier to deport people and quadruple the amount of time it takes to become a permanent resident.

London

U.K. introduces tougher laws for asylum seekers

In a blistering opinion, a federal judge in Virginia accused Justice Department prosecutor Lindsay Halligan of misconduct, saying there was a "disturbing pattern of profound investigative missteps."

Virginia

DOJ accused of 'profound investigative missteps' in Comey case

The United Nations Security Council has voted to adopt a U.S. resolution outlining President Trump's peace plan for post-war Gaza. CBS News senior foreign correspondent Holly Williams has the details.

U.N. Security Council adopts U.S. resolution on Gaza plan

The aircraft carrier USS Gerald Ford has arrived in the Caribbean, giving the United States the ability to strike inside Venezuela if President Trump gives the order. The U.S. has also sent thousands of troops to the region.

Trump 'won't rule out' sending troops to Venezuela amid rising tensions

President Trump now says Republicans should vote to release all of the files related to the federal investigation into convicted sex offender Jeffrey Epstein. CBS News' Olivia Rinaldi and Nikole Killion have the latest on what could happen next.

Trump's Epstein files reversal comes amid pressure from allies

Poland's Prime Minister Donald Tusk has called an explosion on a railway line “an unprecedented act of sabotage.” Donald Tusk did not say who he believed had carried out the attack, but a government minister said "foreign intelligence agencies" were responsible.

Warsaw

Railway line blast in Poland ‘unprecedented act of sabotage’

Ukrainian President Zelenskyy signed a landmark deal in Paris on Monday to buy 100 Rafale jets, drones, and air defense systems from France.

Paris

Ukraine signs deal with France for jets, air defense systems

The Federal Aviation Administration ended mandated cuts in domestic flights at 40 major U.S. airports, easing restrictions that had been imposed over air traffic control concerns during the federal shutdown.

FAA ends mandated cuts in domestic U.S. flights

Israeli Prime Minister Benjamin Netanyahu vowed to oppose any attempt to establish a Palestinian state, a day before the UN Security Council will vote on a U.S.-drafted resolution on Gaza that leaves the door open to Palestinian independence.

Tel Aviv-Yafo

Netanyahu insists there can be no Palestinian state ahead of UN vote

A Bangladesh court sentenced ousted Prime Minister Sheikh Hasina to death for crimes against humanity on Monday (November 17), concluding a months-long trial that found her guilty of ordering a deadly crackdown on a student-led uprising last year.

Dhaka

Bangladesh's ousted PM sentenced to death for protest crackdown

President Donald Trump now appears to support the release of all Jeffrey Epstein files as the House of Representatives readies for a vote on the matter. CBS News' Natalie Brand reports.

AI infrastructure is a 'multi-year buildout', says T. Rowe Prices

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