T. Rowe Price fund increases investments in Greater China AI supply chain

While most investors chasing the AI boom have been piling into the usual suspects, one T. Rowe Price fund is taking a different approach: going smaller and deeper into the supply chain that actually builds the stuff. The T. Rowe Price Funds SICAV China Evolution Equity Fund is ramping up its exposure to lower-tier companies in Greater China’s AI supply chain. These aren’t the headline-grabbing chipmakers or cloud giants. They’re the firms manufacturing printed circuit boards, chip production equipment, and power components, the industrial plumbing that AI infrastructure literally cannot function without. The picks behind the pivot As of June 30, 2026, the fund’s allocations reveal a clear thesis. Kingboard Laminates, a PCB materials manufacturer, sits at 6.3% of the portfolio. Unimicron Technology, which produces electronic components, takes up 3.7%. WUS Printed Circuit Kunshan rounds out the top picks at 2.8%. Portfolio specialist Agnes Ng has noted that while the broader Chinese equity market remains subdued, these specific holdings are positioned to benefit from supply bottlenecks as AI capital expenditures ramp up across the region. The fund, managed by Wenli Zheng, deliberatel...