Rowe Price Group Inc.’s Emma Norchet said OpenAI and Anthropic PBC are both poised to succeed as they head for initial public offerings, rejecting the notion that the frontier AI market has room for only one standard-bearer.

“We don’t see it as winner takes all,” Norchet, a partner with T. Rowe’s private opportunities fund investment committee, said Tuesday in a Bloomberg Television interview. “We will see a few players that can dominate, and I think we have seen so far the position for that within Anthropic and OpenAI.”T. Rowe is backing both companies, which are on different timelines toward highly anticipated IPOs. Anthropic is seeking to go public as soon as mid-November, people familiar with the matter have told Bloomberg, while ChatGPT maker OpenAI has put off an IPO and is now in talks with multiple funds to anchor a $30 billion financing round.

Norchet described Anthropic’s enterprise push as “act one.”Now, she said, the firm is focused on “act two” — the evolution of large language models that power systems able to take action, not merely summarizing information or answering questions.

While OpenAI has 1.2 billion weekly active users, only a small portion of their actions lead to monetizable, completed tasks, Norchet said. That gap is the central economic opportunity in act two for both companies.

Norchet also flagged AI for science as a major new chapter for Anthropic specifically.

Beyond the two AI companies, T. Rowe Price’s largest private market positions also include Databricks. Norchet described all three firms as big bets across data infrastructure and AI, spheres where all the growth is still happening in private markets.