Tony Wang, T. Rowe Price Science & Technology Equity Strategy portfolio manager, joins 'Closing Bell Overtime' to talk upcoming tech earnings this week.

San Francisco

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

Rise of AI

Tony Wang, portfolio manager at T. Rowe Price Science and Tech Fund, highlighted that Google is at a critical juncture due to the rise of generative AI, which could significantly impact its search revenue model. He noted that the market is closely watching how Alphabet adapts its business to leverage AI while managing potential disruption risks. 

Wang also discussed IBM's strong performance, attributing it to improved business mix and successful integration of AI into its consulting services. He pointed to Tesla's focus on autonomous driving and AI-driven innovation as key differentiators, and addressed the semiconductor sector's evolving landscape, noting that companies like Intel face unique turnaround challenges amid changing global demand.

'Google is at a crossroads' with AI

So joining me now is Tony Wang T. Rowe Price Science and Tech Fund Portfolio Manager. Top holdings include Alphabet and IBM which both report this week. So Tony it's great to have you back on. And let's start right there. What are you watching from Alphabet. Yes I think that you know Google is at a crossroads here with a new technology coming out with generative AI. I think of it as like you know Google search like a librarian goes and looks through the books and gives you a bunch of books and you have to figure out kind of the answer. And then Jerry is like a librarian is like an expert and they can kind of tell you off the top of the head. And so you know I think that what we're going to be looking for on the long term in the market probably is looking at this is that what that search revenue does as they do more AI mode. And then how do you think about their kind of contact that span and whether they're going to have a really creative kind of result as due to that. So I think there's a few things but the most big thing is like you know the disruption risk behind tragedy. That's that's likely coming. IBM has been just a stealth and maybe not even stealth at this point. It's just been hitting new all time highs and has been on a tear recently. Does that continue. Well I think that we have with IBM is that it's a it was a value idea that was getting better. And so the mix improved and more consulting infrastructure software. I think that what they're doing the consulting arm is essentially they themselves are customer zero. So they figure out how to use AI and then they then teach it to their clients. And so I think that you know that has been an improving story. And so they've got multiple levers and they've done a lot of M&A to essentially like improve the returns of the business. And so I think that's why the stock has worked well and perhaps is set up better than people expect. How about Tesla. I think for Tesla what matters is autonomous driving. And when you think about their A.I. first camera first approach like that's very differentiated. So when they're launching a robot taxi and they're seeing some success I think the market likes that. And you think about it like what they're doing is really game changing. If A.I. and camera can replace a lot of the sensors in the car that the rest of the field has taken on. So you know to me it's less about how well the car business does you know in terms of how many model Y's are sold because that kind of has been more mature. It's more of their innovation pipeline and how to think about that bigger TAM around A.I. and robotics. What do you think about the semi space especially after we got NXP results earlier this hour where they basically beat across the board. But the stock's still under pressure here. And as we get Intel which we know continues to be a turnaround story under a new CEO. Yeah well somebody has had a really big run. And so when you think about that in the context expectations are obviously going to be a lot higher in the near term. When you think about the cycle though like the broader industrial cycle you know T.I. and XPI they are guided to improving fundamentals. I mean the real question is the valuation has the mark gone ahead of itself. I think that's what you're alluding to. But you know overall long term there should be more demand for industrial semis. The issue is that China that was a big tailwind over the last 10 years could be more of a headwind or even a flat market. And so I think that's what people are wrestling with in terms of Intel. I mean that is a really big turnaround story. That's a little bit more idiosyncratic versus what's present going on in the cycle. You know to me they've really got to fix the tick tock. You know working on architecture was though. So I think that you know we are excited to hear what Liverpool has to unveil in terms of what his priorities are to get the product roadmap back on track to how are they going to attack A.I. and then how are they going to stabilize the balance sheet and cut costs so that Intel is in a better position.

CBS News has learned that a new assessment of the U.S. strikes on Iranian nuclear sites in June finds that only one of three facilities was possibly destroyed. CBS News senior national security correspondent Charlie D'Agata has the details.

Tehran

Middle East Conflict

U.S. strikes may have destroyed one Iranian nuclear facility

For the first time, Taiwan has combined two major civil defense exercises and staged them in conjunction with its largest-ever military simulation. CNN’s Will Ripley explains why the self-governing island is bolstering its preparations for a potential war with China.

Taipei

Taiwan holds unprecedented military drills

With questions continuing around the so-called Epstein files, U.S. President Donald Trump has made several controversial social media posts. Some political scientists say the posts are likely a way to distract the public from talking about Trump’s past ties sex offender Jeffrey Epstein.

Washington

Trump posts fake AI video of Obama arrest amid Epstein furor

The next set of peace talks between Ukraine and Russia - the first meeting in seven weeks - is planned for Wednesday in Turkey, President Zelenskyy quoted the head of Ukraine's National Security and Defence Council as saying.

Kyiv

Ukraine Invasion

Zelenskyy says new peace talks planned for Wednesday

Israel’s latest offensive in Gaza is targeting humanitarian hub Deir al-Balah because officials believe Hamas is hiding hostages there. The move comes as 25 countries, including Canada, called for an immediate ceasefire and the resumption of aid.

Jerusalem

Israeli offensive targets humanitarian hub of Deir al-Balah

A sweeping cyber espionage operation targeting Microsoft server software 'SharePoint' compromised about 100 different organizations as of the weekend, two of the organizations that helped uncover the campaign said on Monday (July 21).

Redmond

Microsoft server hack hit about 100 organizations, experts say

Protestors showed up at the federal courthouse in Boston on Monday amid Harvard's $2 billion legal battle with the Trump administration.

Boston

Protestors gather outside courthouse amid Harvard-Trump hearing

Malcolm-Jamal Warner, an actor and artist who rose to fame as a child as Theodore Huxtable on “The Cosby Show,” has died in a drowning accident in Costa Rica, where he was on vacation with his family, according to a source close to the actor.

Los Angeles

‘The Cosby Show’ star Malcolm-Jamal Warner dead at 54

An off-duty U.S. Customs and Border Protection agent was shot after an apparent robbery went wrong in New York, officials say. New York Mayor Eric Adams said a 21-year-old undocumented immigrant was taken into custody. The agent is in stable condition and is expected to survive.

New York

Off-duty Border Patrol agent shot in NYC by undocumented migrant

The jet crashed onto the campus of Milestone School and College in Dhaka's Uttara neighbourhood, where students were taking tests and attending regular classes.

Dhaka

At least 20 killed after Bangladesh Air Force jet crashes into school

An investigation into Jeju Air's fatal plane crash in December has found "clear evidence" that pilots shut off the less-damaged engine after a bird strike in South Korea, a source told Reuters. But a progress report was not released as planned, after families of the bereaved protested some of its phrasing.

Muan-gun

Report says pilot shut wrong engine before Jeju Air crash

Iran, China and Russia will discuss Tehran's nuclear activities and sanctions on Tuesday, with the E3 nations set for talks on Friday amid threats of reimposing sanctions.

Iran to consult with Russia, China ahead of European nuclear talks

Hundreds of Bedouin civilians were evacuated from Syria's predominantly Druze city of Sweida on Monday (July 21) as part of a U.S.-backed truce meant to end fighting that has killed hundreds of people, state media and witnesses said.

As Suwayda

Bedouin civilians evacuate Syria's Sweida as tense truce holds

Japanese Prime Minister Shigeru Ishiba vowed to remain in office on Monday after his ruling coalition suffered a bruising defeat in upper house elections, prompting some of his own party to deliberate his future as the opposition weighed a no-confidence motion.

Tokyo

Japan PM Ishiba vows to stay on after bruising election defeat

Police say Fernando Ramirez drove onto a crowded sidewalk outside a Los Angeles nightclub early Saturday, injuring dozens. He was later shot by a bystander who fled the scene, prompting a citywide search.

Police search for gunman after car-ramming attack in L.A.

Japan's ruling coalition is certain to lose control of the upper house in election, public broadcaster NHK reported, an outcome that further weakens Prime Minister Shigeru Ishiba's grip on power as a tariff deadline with the United States looms.

Japan's ruling coalition loses control of upper house

Iran's foreign minister has said the country France, Germany and the UK are looking to set a date for a meeting for nuclear talks, in what could be a step toward ending the protracted impasse over Iran's nuclear programme and Western concerns.

Iran and three European powers set to resume nuclear talks

The Trump administration said on Saturday (July 19) it will take action against Mexico under its "America First" policy, saying the Mexican government's earlier decision to cut flight slots in Mexico City, which affects U.S. airlines, violates a bilateral air agreement.

U.S. threatens Mexican flights over cargo, competition issues

U.S. President Donald Trump has sued the Wall Street Journal and its owners including Rupert Murdoch for at least $10 billion, over the report that his name was on a 2003 birthday greeting for Jeffrey Epstein that included a sexually suggestive drawing and a reference to secrets they shared.

Trump sues Wall Street Journal for $10 billion over Epstein report

Over 200 Venezuelans who were deported from the U.S. on allegations of gang membership earlier this year and detained in an El Salvador jail have arrived home to Caracas as part of a coordinated prisoner exchange. Ten Americans held in Venezuela returned to the U.S., officials said.

Caracas

El Salvador sends detained Venezuelans home in swap for Americans

Japanese voters headed to the polls on Sunday (July 20) in a tightly contested upper house election that could unleash political turmoil, with rising prices, immigration concerns and the emergence of a Trump-style "Japanese-first" party threatening to weaken Prime Minister Shigeru Ishiba's grip on power.

Japan heads to the polls for Upper House elections

The violent clashes between the Druze minority, Bedouins and other armed groups in the southern province of Sweida have left at least 900 people dead. Some reports suggest that fighting may have halted early on Sunday.

Damascus

Syrian interim president urges respect of ceasefire in Sweida clashes

The proposal comes as Russia continues to intensify its long-range attacks on Ukraine, often firing more drones in a single night than it did during some months in 2024.

Zelenskyy proposes new round of peace talks with Russia

Stacey Williams, a former Sports Illustrated model who briefly dated Jeffrey Epstein speaks with CNN’s Brianna Keilar and describes Epstein’s relationship with Donald Trump. She also alleges Trump once groped her in 1993, but he denies the claim.

Epstein’s ex-girlfriend describes alleged incident with Trump

A vehicle rammed into a crowd of people waiting to enter an East Hollywood nightclub, injuring 30, seven of them critically, in Los Angeles on Saturday morning. Authorities say bystanders attacked the driver, who also sustained a gunshot wound.

West Hollywood

Driver crashes into line of people in Hollywood, police say he was shot

A boat full of tourists capsized during a storm in one of the country's most iconic tourist destinations, leaving at least 34 dead and eight missing. Rescue efforts continue as a new tropical storm approaches.

Hạ Long Bay

Dozens drown after tourist boat capsizes in Ha Long Bay

The agreement comes after intense clashes displaced tens of thousands of people and contributed to a worsening humanitarian crisis in a region still recovering from over a decade of brutal civil war.

U.S. says Israel-Syria agree to ceasefire, clashes continue in Sweida

Ukraine has appointed a new prime minister, 39-year-old Yulia Svyrydenko, as part of a sweeping government reshuffle announced by President Volodymyr Zelenkskyy. This marks the most significant political shift since the start of Russia's full-scale invasion in 2022.

Yulia Svyrydenko takes charge as Ukraine's new prime minister

Former Brazilian president Jair Bolsonaro, currently on trial at the Supreme Court, has been ordered to wear an electronic ankle monitor. Bolsonaro is accused of leading an alleged attempt to stage a coup to overturn the 2022 election.

Rio de Janeiro

Brazil's Bolsonaro ordered to wear ankle monitor

At least three deputies were killed after an explosion at a Los Angeles County Sheriff's Department training facility, officials said. Attorney General Pam Bondi said federal agents were at the scene.

'Google is at a crossroads' with AI

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